05:22 PM EDT, 04/09/2024 (MT Newswires) -- Capstone Copper ( CSCCF ) whose shares rose more than 2% and hit a fresh 52 week-high on Tuesday, said first ore was introduced to the grinding circuit at its Mantoverde Development Project in Chile during March.

The company said the step represents the completion of a key commissioning event and a further de-risking step for the project. The company added it is focused on a "safe, efficient and phased project commissioning and ramp-up". The project total capital estimate remains unchanged at US$870 million.

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, "on track" for Q2 2024. In addition, the achievement of nameplate operating rates is expected during the third quarter.

John MacKenzie, Capstone's Chief Executive Officer, said, "In March we saw first ore through the grinding circuit, and we remain on track for first saleable concentrate during the second quarter of 2024. Mantoverde is a transformational asset for Capstone, driving significant production growth and margin expansion across our portfolio."

First quarter 2024 results will be released on May 2.

Capstone shares closed up C$0.21 to C$9.22 on the Toronto Stock Exchange, topping the prior 52-week high of C$9.15.