Spring freshet impacts on Minto
The Minto mine, in Yukon, has reported lower second-quarter sales, as milling operations had to be shut for four-and-a-half weeks, owing to the spring freshet.
The Yukon received between 150% and 400% of the normal annual snowfall during the past winter, which generated a significant volume of water during the spring freshet.
During the June quarter, the Minto mine site saw the daily water volume inflow exceed the mine’s discharge capacities, which cause the storage pond water levels to rise. Minto Metals has managed to properly manage the water.
Underground mining operations continued uninterrupted during the quarter, with ore being stockpiled. The mill is permitted to process an average 4 200 t/d of ore and underground production is averaging 3 000 t/d. The stockpiled ore will be processed at a higher rate during the first half of 2022 and as a result, Minto expects to meet its 2022 guidance.
Copper sales increased 16% to 5.37-million pounds compared with 4.62-million pounds in the first quarter, however, were down from 9.1-million pounds in the first quarter.
Second-quarter revenue declined 9.6% year-on-year. Compared with the first quarter of this year, revenue decreased from $45.4-million to $32-million, owing to lower copper prices and lower volumes owing to the mill suspensions.
Mill feed for the second quarter was 176 169 dry metric tonnes (dmt), a 23.9% decrease from 231 334 dmt in the second quarter. Production costs rose by 22.5% to $31.5-million, compared with $25.7-million in the second quarter of 2021. All-in sustaining costs decreased by 5.2% year-on-year to $4.75/lb.
Meanwhile, Minto reported that the Yukon government had reduced the security fee due by September 1 to $93-million, from the previously determined $104-million. The reduction was based on reclamation work already completed on site, as well as the removal of security for two new mining areas, which have not been started yet.
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