Sunday, 22 September 2019 08:03 GMT

Copper Mountain gains 10% on record production 51% revenue jump

(MENAFN - ProactiveInvestors) Copper Mountain Mining Corporation (TSE:CUM) advanced over 10 percent after the company reported record production in its third quarter and sharply higher revenues.

It produced 21.7 million pounds at its Copper Mountain Mine in BC -- up 22 percent from the same period last year -- as well as 6100 ounces of gold and 124100 ounces of silver. 

Revenues for the quarter were $82.5 million up from $67.6 million in the third quarter of 2013.

Total cash costs of US$1.73 per pound of copper sold net of precious metal credits improved 22 percent compared to a year earlier the company said.

It posted a net loss of $3.97 million or 2 cents per share versus a net profit of $15.09 million or 11 cents per share in the same period last year.

On an adjusted basis excluding unrealized gains or losses on interest rate swaps pricing adjustments on metal sales and foreign currency impacts earnings were 15 cents per share up from breakeven a year ago.

"This quarter marks our 8th consecutive quarter of improved copper production" said president and chief executive officer Jim O'Rourke.

"Year to date copper production remains on track to meet guidance levels of 80-90 million pound of copper for the 2014 fiscal year."

The CEO also said that the commissioning of the secondary crusher at the site has gone well so far and is operating at rates that allow the mill to reach its design capacity of 35000 tonnes per day.

"Additional fine tuning of the crusher and SAG mill is the top mine site priority to reach higher tonnage levels" he added.

The company's focus remains on capturing cost savings while supporting continued production increases it said.

Realized copper prices during the quarter were US$3.17 per pound.

Shares of Copper Mountain jumped 10 percent to C$2.19 in Toronto on Wednesday. 

Copper Mountain gains 10% on record production 51% revenue jump


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