Canada’s Three Valley Copper (TVC) has lowered its 2021 copper production guidance to 4,500-5,500mt from 6,000-7,000mt after considering COVID-19 induced disruption in the supply chain, labor shortages, and higher operational costs.
The company plans to focus on ramping up its Minera Tres Valles mine in Chile and continue exploration activities in that region, it indicated in the Q2 2021 earnings report on Thursday.
Production and sales
TVC’s copper cathode production stood at 1,935mt in H1 2021 against 2,712mt during the same period last year, translating into a 29pc drop. The company’s cathode production in Q2 2021 reduced by 16pc to 1,035mt compared with 1,228mt in the same quarter of 2020.
Copper sales volumes in the first half of the year stood at 1,950mt and were 997mt in Q2 2021.
TVC’s Q2 2021 earnings increased to $7.5mn against $5mn in the previous year. Its adjusted EBITDA was $500,000 compared to a $1.8mn loss during the same timeframe.