https://www.miningweekly.com

Copper Mountain regains momentum as ops improvements gain traction

13th November 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – The TSX-listed stock of British Columbia-based base metals producer Copper Mountain Mining on Wednesday rose after the company reported improved third-quarter results, boosted by improved copper output after a new secondary crusher was successfully installed.

Despite reporting a net loss of C$4-million, or C$0.02 a share, impacted mainly by foreign exchange losses on its US-dollar denominated debt, Copper Mountain’s TSX-listed stock on Wednesday rose 12% to C$2.22 apiece.

Headline earnings came in at C$0.15, smashing analyst expectations of adjusted earnings a share of C$0.04, on revenue of C$68-million.

Copper Mountain reported revenue of C$82.5-million, up 51% over the third quarter of 2013.

Sales totalled 25.3-million pounds of copper, which included the recovery from a ship-loading error during the quarter, 7 800 oz of gold and 133 800 oz of silver.

The realised prices were $3.17/lb of copper, $1 283/oz of gold and $19.73/oz of silver.

The company achieved record output for the quarter at the Copper Mountain mine, pushing copper output up 22% year-over-year to 21.7-million pounds, while gold output was 6 100 oz and silver 124 100 oz.

“Commissioning of the new secondary crusher has gone well and it is operating at rates that allow the mill to reach its design capacity of 35 000 t/d. Additional fine-tuning of the crusher and semiautogenous grinding mill is the top mine site priority to reach higher tonnage levels. Post quarter-end, we have started to see the mill operate in the 35 000 t/d to 40 000 t/d range,” Copper Mountain president and CEO Jim O’Rourke said.

Site cash costs were $1.19/lb of copper produced, net of precious metal credits, down 29% compared with the 2013 third quarter. Total cash costs for the period were $1.73/lb of copper sold, net of precious metal credits, and after all off-site charges, down 22% year-on-year.

Cash costs in the period benefited from the company discontinuing the temporary measures of contract crushing and portable crushing put in place while the secondary crusher was being installed.

Copper Mountain pointed out it was on track to achieve its expected full-year guidance of 80-million pounds to 90-million pounds of red metal.

The company owns a 75% interest in the eponymous Copper Mountain mine and Mitsubishi Materials owns the remaining 25%.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Latest News

Magazine video image
Magazine round up | 29 March 2024
Updated 4 hours ago

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.117 0.151s - 112pq - 2rq
Subscribe Now