3Q18 results confirm Copper Mountain is on track to achieve 2018 annual production guidance
Published by Claire Cuddihy,
Global Mining Review,
Copper Mountain Mining Corporation (Copper Mountain) has announced its 3Q18 production results for its Copper Mountain mine, located in southern British Columbia. All results are reported on a 100% basis.
Production for 3Q18 was 18.3 million lb of copper, 7500 oz of gold and 64 900 oz of silver, which was in line with expectations. The company guided that 3Q18 copper production would be approximately 10% lower than the second quarter due to lower copper grades being mined.
Actual copper production was 8.5% lower than 2Q18. 4Q18 copper production is expected to be the strongest quarter of 2018. The company remains on track to achieve 2018 annual production guidance of 80 million lb of copper (+/-5%).
Copper equivalent production was 22.0 million lb and was down only 4.8% compared to 2Q18 due to higher gold production as a result of increased gold grade and recovery after the installation of a flash flotation circuit in the concentrator.
The mine continued with the next pushback on Pit#2 west, which commenced in 2Q18. The strip ratio 3Q18 was 2.3 to 1, lower than 2Q18. Mill throughput averaged 41 300 tpd, with copper recovery of 79.1% and average feed grade of 0.28% copper. Grade was lower in 3Q18 but was as guided and in line with the mine plan.
"Copper Mountain mine operated on plan and as expected this quarter," commented Gil Clausen, Copper Mountain's President and CEO.
The fourth quarter will be our strongest quarter this year and we are on track to achieve our production guidance. Copper Mountain continues to demonstrate predictability and consistency."
Copper Mountain will release its 3Q18 financial and operating results before the market opens on Wednesday 31October 2018. The company will hold a conference call on Wednesday 31 October 2018 at 7:30 am (Pacific Standard Time) for management to discuss the 3Q18 financial and operating results.
Read the article online at: https://www.globalminingreview.com/finance-business/12102018/3q18-results-confirm-copper-mountain-is-on-track-to-achieve-2018-annual-production-guidance/
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