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Copper Mountain has strong 2Q18

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Global Mining Review,

Copper Mountain Mining Corporation has announced its 2Q18 financial results. All results are reported on a 100% basis.

Second quarter 2018 highlights

  • Production at the Copper Mountain Mine was 23.1 million lb of copper equivalent in the second quarter of 2018, which includes 20 million lb of copper, 6500 oz of gold and 68 400 oz of silver.
  • Revenue for the second quarter of 2018 was CAN$84.2 million, from the sale of 19.9 million lb of copper, 6300 oz of gold, and 70 000 oz of silver, net of pricing adjustments.
  • Cash flow from operations for the second quarter of 2018 was CAN$40.1 million.
  • EBITDA of CAN$22.6 million for the second quarter of 2018.
  • Site cash costs for the second quarter of 2018 were US$1.40/lb of copper produced net of precious metal credits.
  • Total cash costs for the second quarter of 2018 were US$1.80/lb of copper sold net of precious metal credits and all offsite charges.

Gil Clausen, President and CEO of Copper Mountain, remarked: “2018 continues to be a solid year for Copper Mountain. We had another strong quarter with revenue up 25% and cash flow up 55% year over year. Production was up 16% and we are on track to achieve our annual guidance. We ended the quarter with a robust cash position and our focus remains on protecting our balance sheet while advancing our organic growth.”

Clausen continued: “In the second quarter we commenced our phase 2 drilling programme at New Ingerbelle, which has already returned very encouraging results. We intend to complete an updated mineral resource at New Ingerbelle following the drilling campaign in the third quarter. The third quarter will also have other value enhancing catalysts including an updated reserve, resource and production plan at the Copper Mountain Mine and an update on our Eva Copper Project, located in Queensland, Australia.”

The full financial results can be viewed here.

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