Copper Mountain Responds to Montrusco Bolton's News Release on Shareholder Proposals
Published : June 09, 2015
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Keywords :   Copper | Debt | Growth | Lead |

Copper Mountain Responds to Montrusco Bolton's News Release on Shareholder Proposals

Web Site: www.CuMtn.com
TSX: CUM

VANCOUVER, June 9, 2015 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") confirms that Montrsuco Bolton of Montreal, Quebec, has submitted six proposals for consideration at the upcoming 2015 annual general meeting of the Company which are disclosed in the Company`s information circular.  These proposals were received as thoughtful input by a shareholder and were reviewed and discussed by the Company's Board, of which 5 out of 7 or 71 percent are independent directors.  Management subsequently met again with Montrusco Bolton to convey the Board`s considerations and recommendation that the Directors believe that not all of the proposals were appropriate for a company of Copper Mountains' size.  

For the reasons below, and as outlined in the Company's information circular, the Company can only support one of the proposals put forward by Montrusco Bolton and is recommending against the remaining five.  For a more detailed discussion of the Company`s position on the individual proposals, please see the Company's information circular that is filed on SEDAR.

The proposals put forward are:

Montrusco Bolton's Proposal

Company's Position

1.       Appointment of Lead Director

Recommend Vote Against

2.       Advisory Vote on Executive Compensation ("Say on Pay")

Recommend Vote Against

3.       Clawback Proposal

Recommend Vote For

4.       Disclosure of Key Performance Metrics

Recommend Vote Against

5.       Use of Key Performance Metrics

Recommend Vote Against

6.       Dilution Safeguard Proposal

Recommend Vote Against

 

In the Company's pursuit to deliver sustainable long-term value, the Board is unequivocally supportive of the establishment and maintenance of high standards of governance and appropriate policies and programs which assures the alignment of management's behaviour with the interests of its shareholders. The Board views this as an essential business practice and has always sought to focus the Company's strategy, actions and compensation structure on long-term growth and sustainable value creation.

The Company's Board is concerned with many aspects of the proposals in that they, among other things, appear to:

  • have been prepared without reference to the Corporation's record of outstanding disclosure and legal compliance;

  • ignore the disciplined capital management approach fostered by the Board and management of the Company;

  • attempt to impose US governance rules out of context that would put the Company at a competitive disadvantage to its peers;

  • attempt to fetter the discretion of the Board and management to operate the business in the best interests of all shareholders; and

  • ignore the careful and conservative compensation practises followed by the Company, focusing on key performance indicators that may not be applicable to a mining company.

 

The Board encourages all of the Company's shareholders to review in detail the full analysis of the proposals set out in the Company's information circular.  Management of the Company believes that the Corporate Governance Policies and practices are consistent with the Policy's and practices of TSX listed companies of the size and stage of development of Copper Mountain and that current corporate government procedures and policies have in no way impeded the Company's growth nor its performance.

The fundamental business of the Company has grown significantly over the past year:  the Company achieved record copper production of 81 million pounds during 2014, a 22% increase over 2013; cash flow from operations was $47.2 million or $0.40 per share during 2014, an increase of 48% over the previous year; adjusted EBITDA was $78.8 million during 2014, an increase of 35% over the previous year; mill capacity has improved with the addition of the secondary crusher and the mill is now operating above its design capacity of 35,000 tpd; and has paid back approximately US$75 million in debt and interest payments on the Company's very attractive debt arrangements.

Jim O'Rourke, President and CEO of Copper Mountain, remarked, "Copper Mountain became a public company in 2007 as a junior mining company and has since financed and developed a major copper mine in BC.  This $450 million mine was developed on schedule and within the cost budget.  A strategic partner assisted to allow 75 percent attractive debt financing which provided minimal shareholder dilution.  More recently we added a $40 million secondary crusher to increase capacity by 35 percent and again, on schedule and within budget."

Mr. O`Rourke went on to say, "Currently, the company has 119 million shares issued which demonstrate our prudent capital management.  Management and the Directors own about 6 percent of the shares and are very committed to operate the company in the best interests of all shareholders.  Our Company is in the resource business and our share price tracks along the global economic conditions and more precisely, the open metals prices. We are confident our Corporate Governance policies and practices and compensation policies and practices are well in line with our peer groups in the mining industry.  Our Board of Directors are experienced professionals active in the affairs of the Company and very conscious of improving shareholder value while ensuring their fiduciary responsibilities to the Company.  We welcome a fully engaged AGM with our shareholders."

About Copper Mountain Mining Corporation:
Copper Mountain's flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns the remaining 25%. The Copper Mountain mine commenced production in the latter half of 2011, and has continued to improve its operations. The key development for 2014 was the installation of the secondary crusher as a permanent solution to maximize concentrator throughput and improve overall efficiencies for the company.  Secondary crusher construction was completed by the end of July 2014 on budget and on schedule. The 18,000 acre site has a large resource of copper that remains open laterally and at depth. The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the property's full development potential.  Additional information is available on the Company's web page at www.CuMtn.com.

On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION

"Rod Shier"

Rodney A Shier, CA
Chief Financial Officer

Note:  This release contains forward-looking statements that involve risks and uncertainties.  These statements may differ materially from actual future events or results.  Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.  The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.

SOURCE Copper Mountain Mining Corporation

For further information: Betty LeBlanc, Manager of Investor Relations 604-682-2992 ext. 238, Email: Betty@cumtn.com; Rod Shier, Chief Financial Officer 604-682-2992 ext.222, Email: Rod@CuMtn.com; Website: www.CuMtn.com

Copper Mountain Mining Corp.

DEVELOPMENT STAGE
CODE : CUM.TO
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Copper Mountain is a copper development stage company based in Canada.

Copper Mountain holds various exploration projects in Canada.

Its main asset in development is COPPER MOUNTAIN PROJECT in Canada and its main exploration property is SIMILCO MINE in Canada.

Copper Mountain is listed in Canada and in Germany. Its market capitalisation is CA$ 119.2 millions as of today (US$ 89.7 millions, € 83.4 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.31, and its highest recent level on June 03, 2011 at CA$ 8.15.

Copper Mountain has 132 390 000 shares outstanding.

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3/14/2008Canaccord initiates Coverage On Copper MiountainReceived: fr...
In the News and Medias of Copper Mountain Mining Corp.
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Annual reports of Copper Mountain Mining Corp.
Annual Report 2007
Financings of Copper Mountain Mining Corp.
12/18/2007 Closes An Additional $2.2 Million Private PlacementReceived...
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6/24/2013Report on Voting Results for Directors from the 2013 Annual ...
Financials of Copper Mountain Mining Corp.
2/20/2015Announces 2014 Year End Results
11/12/2014Announces 2014 Third Quarter Results
10/8/2013Provides Third Quarter Operational Update
7/11/2013provides second quarter operational update
4/16/2013provides operational update and first quarter results
2/26/20082007 REVIEW AND FINANCIAL RESULTSReceived: from mailer
Project news of Copper Mountain Mining Corp.
4/14/2015announces production results for Q1-2015
1/19/2015announces production results for 2014
7/9/2014Copper Mountain mine achieved record second quarter copper p...
4/9/2014Copper Mountain mine achieved record first quarter copper pr...
1/15/2014announces production results for 2013
12/11/2013provides 2014 production guidance and operational update
5/16/2013SAG Mill Motor Transformer Failure at Copper Mountain Mine
1/17/2013announces production results for 2012
1/17/2013announces production results for 2012
5/29/2011(Copper Mountain Project)MITSUBISHI ISSUES STANDARD FORCE MAJEURE NOTICE TO COPPER MO...
4/20/2011(Copper Mountain Project)COMMISSIONS PRIMARY CRUSHER WITH ORE ON SCHEDULE
3/29/2011(Copper Mountain Project)Drilling below Pit 2 intersects 127.5m grading 1.01% Cu, 2.3...
3/20/2011(Copper Mountain Project)PROJECT UNAFFECTED BY JAPAN EARTHQUAKE
3/7/2011(Copper Mountain Project)- Drilling extends Pit 2 mineralization below planned Super ...
3/3/2008(Copper Mountain Project)NEW HIGH GRADE ZONE IDENTIFIED AT COPPER MOUNTAIN: INTERSECT...
2/7/2008(Copper Mountain Project)Intersects 215 FT. GRADING 0.85% Cu, 0.45 g/t Au, and 4.93 g...
Corporate news of Copper Mountain Mining Corp.
7/13/2016Copper Mountain Increases Size of Bought Deal Offering
7/12/2016Copper Mountain Announces C$5 Million Bought Deal Offering
7/12/2016Copper Mountain Announces Production Results For Q2-2016
6/8/2016Copper Mountain Appoints Dan Gibbons to Investor Relations
5/19/2016Premier of BC Visits Copper Mountain
5/2/2016Copper Mountain Mining Announces Positive Q1 2016 Results
4/19/2016Copper Mountain Receives Mine Safety Award for Second Consec...
1/21/2016Copper Mountain Mining to Present at TD Securities Mining Co...
1/14/2016Copper Mountain Announces Production Results For 2015
9/2/2015Edited Transcript of CUM.TO earnings conference call or pres...
7/9/2015mine announces production results for Q2-2015
6/24/2015Copper Mountain Mining Corporation Report on Voting Results ...
4/22/2015Safety Performance Honoured by the BC Government
1/19/2015Copper Mountain announces production results for 2014
11/12/2014Copper Mountain Announces 2014 Third Quarter Results
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8/11/2014Copper Mountain announces 2014 second quarter results
6/20/2014Copper Mountain Mining Corporation Report on Voting Results ...
6/18/2014construction of secondary crusher on schedule and budget
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5/2/2014Copper Mountain announces 2014 first quarter results
4/9/2014mine achieved record first quarter copper production
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2/14/2014announces 2013 year end conference call details
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12/3/2013closes Cdn $30 million bought deal financing
11/22/2013reports Ball Mill transformer interruption
10/25/2013announces third quarter 2013 conference call details
7/29/2013announces 2013 second quarter conference call details
6/10/2013mine back in full operation one week ahead of schedule
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5/6/2013announces 2013 first quarter conference call details
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3/14/2013announces 2012 year end conference call details
11/6/2012Announces 2012 Third Quarter Conference Call Details
10/30/2012Jim O'Rourke, CEO is inducted into the Canadian Mining Hall ...
10/16/2012announces 2012 third quarter production and sales results
9/17/2012Operational Update
10/4/2011Mitsubishi Lifts Force Majeure Notice to Copper Mountain
7/12/2011produces first concentrate and commences trucking to port
6/6/2011MINE PROCESSES FIRST ORE
9/8/2009FILES PRELIMINARY PROSPECTUSReceived: from mailer
3/18/2008Former BMO Nesbitt Burns Inc Managing Director Carl Renzoni ...
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7/12/2007New Mineralized Zones Intersected at Copper MountainReceived...
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