04:38 PM EDT, 06/25/2024 (MT Newswires) -- Capstone Copper Corp. ( CSCCF ) after trade Tuesday said the first saleable copper concentrate was produced at its Mantoverde Development Project (MVDP) in Chile, as the mine "advances commissioning and ramps up to full production levels".

According to a statement, the key commissioning milestones at the MVDP include: First ore to the primary crusher, completed in Q4 2023; and first ore to the grinding circuit, completed in Q1 2024; and first saleable concentrate, completed in Q2 2024; and achievement of nameplate operating rates, expected during Q3 2024.

"First saleable copper concentrate production at MVDP is a significant milestone for Capstone. This achievement is a testament to our dedicated and skilled teams, who continue to work towards a safe and efficient ramp-up to nameplate operating rates. MVDP remains on track and on budget with our guidance previously disclosed," Capstone's chief executive John MacKenzie said in the statement.

MacKenzie added: "In July, we plan to release an updated feasibility study for our Santo Domingo project, followed by a feasibility study for our Mantoverde Optimized project later in in the quarter, which will define the next phases of our value-accretive production growth in the district."

CS closed Tuesday down $0.61 or 6.1% to $9.33 on the Toronto Stock Exchange, outpacing losses for the broader stock market.