Canadian copper producer Minto posts net loss in 2022, notes challenges at operations Minto
- Canadian copper producer Minto Metals announced on Thursday that the company produced 28.9 million pounds of copper in 2022, a 12.6% increase over 2021, despite record snow measuring 417% above normal resulting in a record spring freshet event.
However, Minto said that production costs increased by 17.9% to C$133.8 million compared to 2021 or 12.8% increase on a per unit basis due to the higher ore output from the mine in 2022. President and CEO Chris Stewart commented,"We are pleased that total revenue for the year ended December 31, 2022 increased by 10.7% to C$153.2 million compared to the same period in 2021 however at the same time, the challenges we faced throughout the year increased our cost of production.
Minto pointed out it continues to implement changes within the operation to mitigate the risks to its 2023 production plans, adding that the company is"aggressively" managing its costs.
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