Highlights

  • Capstone Copper shares jumped 7.89% on 27 January 2026, lifting one-year returns to 75.90% followed by record 2025 copper production
  • Annual consolidated copper output reached 224,764 tonnes in 2025, a 22% rise over 2024, amid successful mine ramp-ups.
  • Q3 2025 net income attributable to shareholders surged to USD 248.1 million, amid higher production and improved cash costs
  • Mantoverde Mine operations temporarily reduced to 30% during strike action, amid labour negotiations and water supply disruption.

Capstone Copper Corp CDI (ASX:CSC) shares rose 7.89% to AUD 16.13 on 27 January 2026, extending the stock’s one-year gain to 75.90%. The move comes despite no new price-sensitive announcements from the company on the day. For context, the broader S&P/ASX 300 Metals & Mining Index advanced 1.40% on Tuesday, providing sector-wide support.

Recent gains in Capstone shares might follow a 15 January update outlining record copper production for 2025, alongside progress across key projects and operational milestones.

CSC Achieves 2025 Guidance

Capstone delivered annual consolidated copper production of 224,764 tonnes, achieving its guidance for 2025. This represents a 22% increase over 2024, and a 37% rise compared to 2023, reflecting the successful ramp-up of the Mantoverde Development Project (MVDP) and the Mantos Blancos debottlenecking initiative. Q4 2025 production was also a record, with 58,273 tonnes of copper produced across the company’s operations

At Mantoverde mine, quarterly copper production reached 23,819 tonnes, with the sulphide plant achieving record average throughput of 36,761 tonnes per day in December and setting a new monthly record of 10,747 tonnes. Annual output of 95,115 tonnes marked a 65% increase over 2024. Mantos Blancos achieved 16,861 tonnes in Q4 and 61,919 tonnes for the year, exceeding its guidance range, while Pinto Valley and Cozamin contributed 42,382 tonnes and 25,348 tonnes, respectively.

Financial Performance and Strategic Milestones

Capstone’s share price surge over the past year and operational growth is reflected in its financial results. For Q3 2025, consolidated copper production reached 55,280 tonnes at C1 cash costs of USD 2.42/lb, including Mantoverde’s 15,219 tonnes at USD 1.40/lb. Net income attributable to shareholders was 248.1 M USD (0.33 USD per share), while adjusted net income reached USD 49.4 million, reversing a USD 25.4 million adjusted net loss in Q3 2024. Adjusted EBITDA was USD 249.2 million, and operating cash flow before working capital changes totalled USD 231.2 million.

The company also advanced key initiatives, including the sanctioning of the Mantoverde Optimized Project and a partnership with Orion Resource Partners for a 25% stake in Santo Domingo and Sierra Norte, providing up to USD 360 million in project funding. Exploration programs at Mantoverde and surrounding concessions continue to support potential resource growth, complementing operational gains and contributing to the stock’s one-year return of 75.90%.

Labour Disruptions at Mantoverde Mine

However, Capstone is facing operational challenges at its Mantoverde Mine following strike action by Union #2, which represents approximately 22% of the workforce and began on 2 January 2026. During the strike, Capstone has reduced operations to around 30% of normal production while maintaining essential activities.

 On 18 January, interference at the desalination plant, located 40 km from the mine, disrupted the water supply, temporarily halting sulphide operations. Oxide operations will continue only until water supply is restored. The company is seeking judicial support to regain access to the plant and resume normal operations. Capstone has emphasized its commitment to legal procedures and constructive dialogue with the union, noting that it successfully negotiated three-year agreements with the other unions at Mantoverde in 2025. The mine currently employs approximately 1,270 direct employees, including around 550 from local communities, with a total workforce of about 2,940 when including contractors.

Capstone Copper’s recent operational and strategic achievements in 2025, including record copper production and project milestones, have clearly resonated with the market, contributing to the sharp share price rise.

While labour disruptions at Mantoverde present temporary operational challenges, the company’s ongoing projects, exploration activities, and financial performance provide context for investor attention and market valuation. The combination of favourable production growth, strategic partnerships, and disciplined execution underpins the company’s performance over the past year, highlighting both operational resilience and growth potential.