Copper Mountain Mining Announces Q1-2018 Financial Results
(PresseBox) - Copper Mountain Mining Corporation (TSX: CMMC, ASX:C6C) (the ?Company? or ?Copper Mountain? - https://www.youtube.com/watch?v=f5tBLLQV0hQ&t=3s) announces 2018 first quarter revenues of $78 million after pricing adjustments and treatment charges from the sale of 24.8 million pounds of copper equivalent, including 21.7 million pounds of copper, 6,500 ounces of gold, and 80,600 ounces of silver.
Highlights (100% Basis)
Copper, gold and silver production for the first quarter of 2018 at Copper Mountain Mine was 23.2 million pounds of copper equivalent which includes 19.9 million pounds of copper, 6,070 ounces of gold and 77,900 ounces of silver.
Revenue for the period was $78.0 million, from the sale of 21.7 million pounds of copper, 6,500 ounces of gold and 80,600 ounces of silver, net of pricing adjustments.Gross profit for the quarter was $6.3 million.
Adjusted EBITDA was $28.6 million for the quarter, compared to $16 million in the same quarter for 2017.
Adjusted earnings were $10.6 million or $0.08 per share, compared to $0.3 million and nil per share for the same quarter of 2017.
Site cash costs for the 2018 first quarter were US$1.46 per pound of copper produced net of precious metal credits.
Total cash costs for the period were US$1.90 per pound of copper sold net of precious metal credits and after all off-site charges.
At the end of the quarter the Company had $42.5 million in cash, and received an additional $22 million on April 4, 2018 relating to an end of March shipment of copper concentrate.
Realized prices on metal sales were US$3.17 per pound of copper, US$1,326 per ounce of gold and US$16.60 per ounce of silver.
Jim O?Rourke, President and CEO of Copper Mountain, remarked ?During the first quarter of 2018, the
During the quarter, the Company completed a total of four shipments of copper concentrate containing approximately 21.7 million pounds of copper, 6,500 ounces of gold, and 80,600 ounces of silver which generated $78 million in revenue net of treatment and refining charges and pricing adjustments, a 5 % increase over Q1 2017.
Mining activities were mainly focused in the Pit #2, Saddle and Oriole Pit areas for the first quarter of 2018. During the quarter a total of 16.6 million tonnes of material was mined, including 6.5 million tonnes of ore and 10.1 million tonnes of waste for a strip ratio of 1.54:1. During the quarter the mine experienced abnormally high snow fall causing some challenges in the pit and a minor disruption in power supply.
During the quarter the mill processed a total of 3.5 million tonnes of ore grading 0.33% copper to produce 19.9 million pounds of copper, 6,070 ounces of gold, and 77,900 ounces of silver. Mill head grade was above guidance for the quarter, while copper recoveries were above the plan at 79%. Mill operating time during the quarter averaged 93% and the mill achieved an average throughput rate of 38,800 tpd during the quarter.
The Company currently has 435 operating employees engaged at the mine site.
1 Earnings before interest, taxes, depreciation and amortization. Refer to the Non-GAAP Performance measures section of this MD&A.
2 Adjusted earnings (loss) is a non-GAAP financial measure which removes unrealized gains/losses on interest rate swaps, pricing adjustments on concentrate metal sales and foreign currency gains/losses.
3 Calculated by dividing the total adjusted earnings by the weighted average number of shares outstanding under the basic method.
Exploration Update:
During the quarter exploration work consisted of continuous near mine compilation work as well as developing localized exploration drill programs to implement this summer to optimize long term mine planning.
The Company completed the acquisition of Altona Mining Limited on April 18, 2018.
4 Excludes ore re-handle from stockpile
5 Tonnes per day
6sportation costs.
7 Adjusted earnings (loss) is a non-GAAP financial measure which excludes unrealized gains/losses on derivative instruments, changes in fair value of financial instruments, foreign currency gains/losses, pricing adjustments related to metal sales and non-recurring transactions.
A conference call and audio webcast will be held on Friday April 27, 2018 at 7:30 am (Pacific Daylight Time) for management to discuss the first
Live Dial-in information
Toronto and international:
North America (toll-free):
To participate in the webcast live via your computer go to:
: http://event.on24.com/r.htm?e=1396431&s=1&k=67F97D9094AA01C7BA6587307E6DA50A
Replay call information
Toronto and international:
North America (toll-free):
The conference call replay will be available from 10:30 am (PDT) on April 27, 2018, until 11:59 pm PST on http://www.CuMtn.com
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Rodney A. Shier, CPA,CA
Chief Financial Officer
For further information, please contact:
Dan Gibbons, Investor Relations at 604-682-2992 ext. 238 or e-mail: Dan(at)cumtn.com
Rod Shier, Chief Financial Officer at 604-682-2992 ext.222 or e-mail: Rod(at)CuMtn.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Website: www.CuMtn.com
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, ?forward-looking statements?) within the meaning of applicable securities laws.g statement, whether as a result of new information, future events or otherwise.
Copper Mountain''s flagship asset is the 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 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This large exploration potential is being explored over the next few years in order to fully appreciate the property''s full development potential. Recently, Copper Mountain''s acquisition of Altona Mining Limited has been completed which brings with it approximately A$30M cash, the Cloncurry project with development-ready Eva Copper Project and an extensive exploration potential in the acquired ? 4,000 square km (379,000 hectare) mineralized land package within the highly prospective Mt. Isa inlier area in Queensland, Australia.
Additional information is available on the Company''s web page at www.CuMtn.com.
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Unternehmensinformation / Kurzprofil:
Copper Mountain''s flagship asset is the 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 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This large exploration potential is being explored over the next few years in order to fully appreciate the property''s full development potential. Recently, Copper Mountain''s acquisition of Altona Mining Limited has been completed which brings with it approximately A$30M cash, the Cloncurry project with development-ready Eva Copper Project and an extensive exploration potential in the acquired? 4,000 square km (379,000 hectare) mineralized land package within the highly prospective Mt. Isa inlier area in Queensland, Australia.Additional information is available on the Company''s web page at www.CuMtn.com.
Datum: 30.04.2018 - 01:49 Uhr
Sprache: Deutsch
News-ID 1535383
Anzahl Zeichen: 11571
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