Overview
Stage | Production |
Mine Type | Open Pit |
Commodities |
- Copper
- Molybdenum
- Silver
- Gold
|
Mining Method |
|
Production Start | 1974 |
Mine Life | 17 years (as of Jan 1, 2022) |
Pinto Valley consists of an open-pit mining operation, mill, and an electrowinning (“SX-EW”) facility. The mill produces copper and molybdenum concentrates. The copper concentrate has numerous potential destinations; smelters in Arizona (domestic) and smelters internationally, mostly in Asia due to the geographical location, but material has also been shipped to Europe in the past.
PV4 Study The PV4 PFS aims to maximize the conversion of approximately one billion tonnes of mineral resources to mineral reserves, significantly extending Pinto Valley’s mine life, and increasing the mine’s copper production profile. The feasibility study ("FS") for PV4 is expected to be released in H1 2023. |
Source:
p. 5
Company | Interest | Ownership |
Pinto Valley Mining Corp.
(operator)
|
100 %
|
Direct
|
Capstone Copper Corp.
|
100 %
|
Indirect
|
Pinto Valley Mining Corp. ("Pinto Valley"), a wholly owned US subsidiary of Capstone Copper, owns and operates the copper Pinto Valley Mine located in Arizona, US.
On 23 March, 2022, Mining Corp. (“Old Capstone”) announced the successful completion of transaction combining Old Capstone and Mantos Copper (Bermuda) Limited (“Mantos”), (the “Transaction”). Mantos has been renamed Capstone Copper Corp. (“Capstone Copper”), is headquartered in Vancouver, B.C.
Contractors
Contractor | Contract | Description | Ref. Date | Expiry | Source |
unawarded or unknown
|
Power supply
|
PVM purchases electricity from grid sources that provide a stable, continuous supply for that meets operational requirements. In Arizona, grid electricity is generated from a combination of nuclear, coal, natural gas and renewables like hydro, biomass, solar and wind.
|
Jun 11, 2021
|
|
|
Source:
p.22-23
Summary:
The Globe-Miami mining district of central Arizona includes porphyry copper-molybdenum (“Cu-Mo”) deposits associated with Paleocene Epoch granodiorite to granite porphyry stocks (65-59 million years ago). Vein deposits and possible exotic copper deposits are also found within the district.
Precambrian basement rocks throughout southern Arizona and New Mexico largely consist of early Proterozoic Pinal Schist (~1,700 million years old) intruded by granites correlative with two-mica granite batholiths (~1,450 million years old). At the Pinto Valley Mine this is represented by the Ruin granite (also referred to as the Lost Gulch quartz monzonite) that hosts the Cu-Mo mineralization. The Late Proterozoic-aged (~1,420-1,150 million years old) Apache group, comprising conglomerate, limestone, quartzite, and minor basalt units overlying the basement rocks, was intruded by 1,150 million years old Apache diabase sills of varying thicknesses. These diabase units are represented at the Pinto Valley Mine as thin dikes and sills, and commonly contain higher copper concentrations than the surrounding Ruin granite. During the Paleozoic Era, various limestone units were deposited representing the shallow, marine environment present over much of the southwestern US at the time.
Subduction of the Farallon tectonic plate (80-50 million years ago) off the west coast of the southwestern US initiated arc magmatism responsible for generating the Cu-Mo-bearing intrusions in the region. Stocks emanating from the Schultze granite, the source of the mineral-bearing fluids to the Globe-Miami mining district, were emplaced at the Pinto Valley Mine between 60-59 million years ago.
Regional Tertiary-Era Basin and Range extension and faulting following cessation of subduction facilitated the dismemberment, tilting, and exposure of the Cu-Mo deposits. They were preserved through deposition of the Whitetail conglomerate (Oligocene Epoch) and the Apache Leap tuff (Miocene Epoch). Further extension in the Pliocene Epoch deposited the Gila conglomerate into basins.
The Pinto Valley Mine deposit is bound by faults that vary in age from the Pre-Cambrian to the Tertiary. These have controlled the emplacement of the Ruin granite, stocks of the Cu-Mo-bearing Schultze Granite, and subsequent post-mineralization Basin-and-Range extensional faulting.
The primary sulphide minerals encountered at the Pinto Valley Mine are chiefly pyrite and chalcopyrite with minor amounts of molybdenite. Gold and silver are recovered as by-products when material containing sulphide minerals is processed. Sphalerite and galena occur locally in very small amounts. Alteration of silicate minerals of the host rocks to other groups of minerals due to the presence of hydrothermal fluids associated with the Cu-Mo-bearing intrusive rocks include potassic, argillic, sericitic, and propylitic alteration suites.
Sulphide minerals generally occur in veins and microfractures and less abundantly as disseminated grains, predominantly in biotite sites. The ore zone grades outward into a pyritic zone with higher total sulphide content. Molybdenum distribution generally reflects copper distribution, with higher molybdenum values usually found in the higher-grade copper zones. Oxide mineralization and a supergene enrichment blanket was developed at the Pinto Valley Mine, but these areas have since been mined.
Sulphide deposition at Pinto Valley Mine is controlled to some extent by the host rock. The sulphide content decreases in Precambrian aplite intrusions. Aplite usually contains less than 0.25% copper, whereas adjacent Quartz Monzonite may have as much as 0.6% copper. The deficiency of copper in aplite is probably due to the absence of biotite, which makes up about 7% of Quartz Monzonite. Disseminated chalcopyrite shows an affinity for biotite, where it is disseminated through the biotite or partially replacing it. Additional chalcopyrite is also present in veins cutting both rock types.
Source:
p.153-154
Summary:
PVM is an open-pit hard-rock mine, producing copper bearing sulfide ore to a conventional milling and flotation concentrator. Conventional open-pit mining utilizes the cycle of drilling, blasting, loading, and hauling of material to the respective destinations. Ore is hauled to the primary crusher for processing and waste rock material is hauled to waste storage facilities. Mining is accomplished on 45 ft benches and the LOMP is reported in metric tonnes.
The LOMP schedules movement of an average of 144,121 tpd (52,505 ktonnes/yr) of total material from 2021 to 2031. Beginning in 2032 the waste mined begins to fall, and the total material movement reduces to slightly more than the mill ore feed rate.
PVM has been operated intermittently since the 1970s. There are areas of the existing PVM pit that have had slope stability issues over time. Specific areas are the southwest corner of the pit in the Pinal Schist and the northeast side of the pit near the Bummer Fault. Design of phase expansions in these areas must consider the geotechnical impacts and practical constraints they impose.
Areas to the east and north of the current PVM pit will be expanded. The phase that pushes back the northern wall will mine through some historic waste and leach dump material before encountering solid rock. That material is mined at a shallower angle (32 degrees) than the solid rock below.
The current PVM operation mines two phases that incorporate the current pit bottom as well as east and north expansions. PVM has also designed three pushbacks that expand the pit beyond 2027 that further develop the pit to the east and north.
In total, there are five phase designs that were used as input to the development of the PVM schedule. The mining phases are a combination of work completed by PVM staff in the long range, short range, geotechnical, and operation groups. The phase designs in order of extraction in the current schedule are: PV2C (Castle Dome), PV2B (Jewel Hill), PV3A, PV3B and PV3C.
Castle Dome phase is the current primary ore pushback on the south side of the PVM pit and will continue through 2025. Jewel Hill is an eastern pushback that was designed to continue the operation through 2027. The Jewel Hill pushback design has been continually optimized to account for geotechnical issues as well as accommodating operational challenges.
Inter-ramp slope angles for the phase design are summarized in Section 16.2. The overall and inter- ramp slopes were reviewed and recommended by slope stability consultant Edward C. Wellman of Independent Geomechanics, LLC. In addition to slope angles, the following road and pushback geometries complete the mine design parameters:
• Haul Road Width: 125 ft and 115 ft;
• Haul Road Grade: 10% maximum;
• Minimum Widths Between Pushbacks: 300 ft nominal.
Source:

- subscription is required.
Processing
- Column flotation
- Dry Screening
- Flotation
- Dewatering
- Solvent Extraction & Electrowinning
- Filter press
Flow Sheet:
Source:
Summary:
The PVM concentrator was built in 1973, and the basic processing flowsheet has largely been unchanged since that time. The original nameplate capacity was 36,287 tonnes per day (tpd) (40,000 short tons per day (stpd)). Significant improvements have been incorporated over the years, resulting in the current 56,000 tpd base case capacity. The PVM plant is designed to treat porphyry copper ore with minor molybdenum. The main minerals of interest are chalcopyrite and molybdenite, with by-product quantities of precious metals including gold and silver.
The PVM concentrator flowsheet includes:
• Crushing - primary through to tertiary crushing;
• Grinding – conventional ball mills;
• Flotation – copper and molybdenum - conventional cells for roughing and scavenging and columns for primary cleaning;
• Copper concentrate thickening and filtration;
• Molybdenum concentrate thickening, filtration and drying;
• Tailings thickening;
• Tailings impoundments.
Flotation
The flotation circuit operates as a bulk copper and molybdenum flotation process. Subsequent differential flotation is designed to produce the final individual copper and molybdenum concentrates. The rougher flotation circuit is operated to maximize recovery of the primary sulfide minerals from the gangue. Subsequent cleaner flotation of the bulk concentrate is operated to maximize the copper concentrate grade while minimizing copper recovery losses.
The flotation reagents used include SIBX (Xanthate), C-2420 (dithiophosphate), diesel (for molybdenum recovery) and Flottec F-171 (frother). The majority of the flotation reagents are added to the ball mill feed with “kickers” of reagents added down the flotation bank where required.
Regrinding of the rougher concentrate is required to provide increased mineral liberation to allow cleaner flotation to produce high concentrate grades. The molybdenum is co-recovered to the bulk cleaner concentrate with the copper. The molybdenum flotation circuit provides the separation of the copper and molybdenum into respective salable concentrates.
Rougher Flotation
The rougher flotation circuit consists of 65 28.3 m3 (1,000 ft3) Wemco™ cells configured into three banks each with two trains (Sections 1,2,3), with cyclone overflow from two ball mills combined to feed each of the banks. The frother is added to the head of the rougher flotation cells, with supplemental reagents added as required down the bank. The rougher section is operated in open circuit, with the rougher tailings reporting directly to the final tailings.
Cleaner Flotation
The cleaner circuit consists of four 2.4 m diameter by 12.2 m tall (8 ft diameter by 40 ft tall) column flotation cells operated in parallel. The column cell concentrate, the final copper-molybdenum bulk concentrate, contains 24% to 29% Cu and 0.35% to 0.7% Mo. The column cell tails are sent to the cleaner scavenger flotation bank. The cleaner scavenger bank comprises 15 8.5 m3 (300 ft3) Wemco™ flotation cells. The first bank of cells produces the final concentrate, and concentrate from the remaining cells is recirculated to the column cells via the regrind circuit. The tails of the cleaner scavenger bank report to final tailings.
Molybdenum Plant
The bulk copper-molybdenum concentrate from the cleaner circuit is thickened before being sent to the molybdenum plant. The plant comprises four banks of Agitair™ rougher cells of six 1.4 m3 (50 ft3) cells each and four stages of cleaning using column cells. Sodium hydrosulfide (NaHS) is added to the slurry to provide depression of copper and iron sulfides. Diesel is added as a molybdenum promoter.
Concentrate Dewatering
The molybdenum rougher tailing becomes the final copper concentrate reporting to one of two 27.4 m (90 ft) copper thickeners. The final molybdenum product is thickened in a 7.9 m (26 ft) molybdenum thickener, filtered on a disk filter, dried in a rotary dryer, and bagged for shipment. The final copper concentrate is thickened to 60% solids and flows by gravity from the copper thickeners to either of two 900 m3 (238,000 gallons) copper concentrate slurry storage tanks. The slurry is pumped from the storage tanks to the filter plant. The concentrate is filtered in an Eimco™ plate and frame pressure filter and conveyed to the copper concentrate storage shed for loadout.
Tails Thickening
Tailings from the three rougher banks and the cleaner scavenger bank are combined and feed three 106 m diameter (350 ft) tailings thickeners where overflow water is reclaimed, and the tails are thickened and sent on to the TSFs.
Process Water
Water supply for processing is delivered to the facilities through a system of above-ground and buried pipelines that generally follow road alignments. Sources include the Cottonwood Reservoir (formerly the decant pond of the now inactive Cottonwood TSF), the Mine Reservoir (a concrete-lined 2.32 acre pond) and the Peak Well system.
SX-EW
The PVM SX-EW plant was built and commissioned in 1981 to process solutions from the leach grade material placed on the run-of-mine (ROM) leach dumps north of the pit. Through 1998, approximately 450 M tonnes of 0.13% Cu material had been placed on the leach dumps, resulting in peak production of 10 to 15 M lb of cathode copper per year in the early 2000s. Over the last few years, the SX-EW has produced in the range of 3 to 5 M lb of cathode per year due to the declining residual copper inventory in the leach piles. A moderate quantity of fresh material was placed on the leach pad in 2020.
In the PV3-2016-PFS, the leach area and pregnant solution pond area were slated for future decommissioning and conversion to waste rock storage after suitable rinsing and drainage. PVM is evaluating options for continued use of select leach areas. Effluent from the dump leach will continue to be processed in the SX-EW plant for the foreseeable future.
Recoveries & Grades:
Commodity | Parameter | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Copper
|
Recovery Rate, %
| 86.5 | 85.7 | 85 | 85.1 | 84.6 | 89.2 | 86.7 |
Copper
|
Head Grade, %
| 0.33 | 0.35 | 0.31 | 0.33 | 0.32 | 0.32 | 0.37 |
Copper
|
Concentrate Grade, %
| 26.5 | 25.5 | 24.5 | 26.3 | 26 | 28.2 | 28.5 |
Molybdenum
|
Head Grade, %
| | | | | 0.01 | 0.01 | 0.01 |
Production:
Commodity | Product | Units | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
Copper
|
Payable metal
|
M lbs
| 123-137 ^ | 121 | 129 | 115 | 114 | 115 | 122 |
Copper
|
Cathode
|
M lbs
| | 5.8 | 4.8 | 5 | 3.8 | | |
Copper
|
Metal in concentrate
|
M lbs
| | 120 | 128 | 114 | 114 | | |
Copper
|
Total
|
M lbs
| | 125 | 133 | 119 | 118 | 119 | 126 |
Copper
|
Concentrate
|
kt
| | 205 | 228 | 211 | 197 | 202 | 197 |
Molybdenum
|
Concentrate
|
kt
| | | 0 | 0.002 | | 0.1 | 0.1 |
Molybdenum
|
Metal in concentrate
|
M lbs
| | | | | | 0.2 | 0.1 |
Silver
|
Metal in concentrate
|
koz
| | | | | | 324 | 316 |
Gold
|
Metal in concentrate
|
oz
| | | | | | 1,717 | 3,687 |
Operational Metrics:
Metrics | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
Total tonnes mined
| 44,341 kt | 47,906 kt | 47,174 kt | 48,989 kt | 46,977 kt | 46,770 kt |
Ore tonnes mined
| 21,980 kt | 22,067 kt | 19,882 kt | 18,888 kt | 19,290 kt | 20,605 kt |
Waste
| 22,361 kt | 25,839 kt | 27,292 kt | 30,101 kt | 27,687 kt | 26,165 kt |
Tonnes milled
| 19,027 kt | 19,601 kt | 19,674 kt | 18,665 kt | 19,246 kt | 19,655 kt |
Daily milling rate
| 51,088 t | 53,700 t | 53,755 t | 51,137 t | 52,728 t | 53,849 t |
Stripping / waste ratio
| 1.02 | 1.17 | 1.37 | 1.59 | | |
Daily milling capacity
| 60,000 t | 60,000 t | 56,000 t | | | |
Annual milling capacity
| | | 20,440 kt | | | |
Reserves at December 31, 2022:
The Mineral Resource is reported as at December 31, 2022 above a 0.14% Cu cut-off grade.
Mineral Reserve at 0.19% cut-Off.
Category | Tonnage | Commodity | Grade | Contained Metal |
Proven
|
226 Mt
|
Copper
|
0.34 %
|
764 kt
|
Proven
|
226 Mt
|
Molybdenum
|
0.007 %
|
15 kt
|
Probable
|
121 Mt
|
Copper
|
0.29 %
|
347 kt
|
Probable
|
121 Mt
|
Molybdenum
|
0.006 %
|
7 kt
|
Proven & Probable
|
347 Mt
|
Copper
|
0.32 %
|
1,111 kt
|
Proven & Probable
|
347 Mt
|
Molybdenum
|
0.006 %
|
23 kt
|
Measured
|
599 Mt
|
Copper
|
0.33 %
|
1,949 kt
|
Measured
|
599 Mt
|
Molybdenum
|
0.006 %
|
37 kt
|
Indicated
|
745 Mt
|
Copper
|
0.26 %
|
1,946 kt
|
Indicated
|
745 Mt
|
Molybdenum
|
0.005 %
|
39 kt
|
Measured & Indicated
|
1,344 Mt
|
Copper
|
0.29 %
|
3,896 kt
|
Measured & Indicated
|
1,344 Mt
|
Molybdenum
|
0.005 %
|
76 kt
|
Inferred
|
164 Mt
|
Copper
|
0.26 %
|
432 kt
|
Inferred
|
164 Mt
|
Molybdenum
|
0.006 %
|
9 kt
|
Commodity Production Costs:
| Commodity | Units | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
Credits (by-product)
|
Copper
|
USD
|
|
-0.1 / lb
|
-0.1 / lb
|
-0.14 / lb
|
-0.09 / lb
|
-0.06 / lb
|
-0.08 / lb
|
All-in sustaining costs (AISC)
|
Copper
|
USD
|
|
3.38 / lb†
|
2.58 / lb†
|
2.6 / lb†
|
2.48 / lb†
|
2.7 / lb†
|
2.31 / lb†
|
C1 cash costs
|
Copper
|
USD
|
2.5 / lb ^†
|
2.63 / lb†
|
2.16 / lb†
|
2.21 / lb†
|
2.05 / lb†
|
2.16 / lb†
|
1.95 / lb†
|
All-in costs
|
Copper
|
USD
|
|
|
|
|
|
|
2.34 / lb†
|
^ Guidance / Forecast.
† Net of By-Product.
Operating Costs:
| Units | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Total operating costs ($/t milled)
|
USD
| 12.2 | 11.3 | 10 | 10.2 | 9.67 | 8.72 | 10.6 |
Financials:
| Units | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
Capital expenditures (planned)
|
M USD
| 100 | | | | |
|
|
Sustaining costs
|
M USD
| | 78.2 | 43.8 | 29.5 | 26.1 |
33.7
|
19.1
|
Capital expenditures
|
M USD
| | 113.2 | 82.9 | 66.2 | 55.9 |
60.9
|
48
|
Revenue
|
M USD
| | 473.6 | 546.8 | 321.2 | 300.3 |
294.7
|
322
|
Operating Income
|
M USD
| | 86.8 | 196.9 | 20 | 8 |
35.3
|
64.6
|
Pre-tax Income
|
M USD
| | 81.4 | | | |
|
|
After-tax Income
|
M USD
| | 77 | 157.6 | 17 | 5.2 |
16
|
55.3
|
EBIT
|
M USD
| | | 193.6 | 15.8 | 3.5 |
32.8
|
60.6
|
Pipelines and Water Supply
Source:

- subscription is required.
Heavy Mobile Equipment as of March 31, 2021:
Source:
p.165
HME Type | Model | Size | Quantity |
Dozer (crawler)
|
Caterpillar D10T
|
|
3
|
Dozer (crawler)
|
Liebherr PR776
|
|
1
|
Dozer (crawler)
|
Caterpillar D9T
|
|
1
|
Dozer (rubber tire)
|
Caterpillar 834H
|
|
2
|
Drill
|
|
|
2
|
Drill (blasthole)
|
|
|
3
|
Excavator
|
|
|
2
|
Grader
|
Caterpillar 16M
|
|
3
|
Loader
|
Caterpillar 994 K
|
27.5 cu. m
|
2
|
Loader
|
Caterpillar 980
|
|
1
|
Loader
|
Caterpillar 994H
|
17.2 cu. m
|
2
|
Loader
|
Caterpillar 992G
|
|
1
|
Shovel (hydraulic)
|
Hitachi EX5600
|
21 cu. m
|
1
|
Truck (fuel / lube)
|
Caterpillar 777
|
|
1
|
Truck (haul)
|
Caterpillar 789D
|
|
19
|
Truck (haul)
|
Liebherr T 264
|
|
4
|
Truck (water)
|
Caterpillar 777F
|
|
3
|
Corporate Filings & Presentations: