Copper Mountain Mining Announces Q2 2018 Financial Results
(PresseBox) - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the ?Company? or ?Copper Mountain? - http://www.commodity-tv.net/c/search_adv/?v=298239 ) announces second quarter 2018 financial results.& Analysis (?MD&A?) are available at www.CuMtn.com and www.sedar.com.
Second quarter 2018 highlights:
Production at the Copper Mountain Mine was 23.1 million pounds of copper equivalent in the second quarter of 2018, which includes 20.0 million pounds of copper, 6,500 ounces of gold and 68,400 ounces of silver.
Revenue for the second quarter of 2018 was $84.2 million, from the sale of 19.9 million pounds of copper, 6,300 ounces of gold, and 70,000 ounces of silver, net of pricing adjustments.
Cash flow from operations for the second quarter of 2018 was $40.1 million.
EBITDA of $22.6 million for the second quarter of 2018.
Site cash costs for the second quarter of 2018 were US$1.40 per pound of copper produced net of precious metal credits.
Total cash costs for the second quarter of 2018 were US$1.80 per pound of copper sold net of precious metal credits and all off-site 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.
Mr. Clausen continued, ?In the second quarter we commenced our phase 2 drilling program at New Ingerbelle, which has already returned very encouraging results.Eva Copper Project, located in Queensland, Australia.?
During the quarter, the Company completed a total of three shipments of copper concentrate containing approximately 19.9 million pounds of copper, 6,300 ounces of gold, and 70,000 ounces of silver which generated over $84 million in revenue net of treatment and refining charges and pricing adjustments, a 25% increase over Q2 2017.
Mining activities for the second quarter of 2018 were mainly focused in the Pit #2, Saddle and the Oriole areas. During the quarter a total of 19.5 million tonnes of material was mined, including 4.0 million tonnes of ore and 15.5 million tonnes of waste for a strip ratio of 3.8:1.
During the quarter the mill processed a total of 3.4 million tonnes of ore grading 0.34% copper to produce 20.0 million pounds of copper, which is 16% higher than the second quarter of 2017.and the mill achieved an average throughput rate of 37,000 tonnes per calendar day during the quarter and 41,500 tonnes per operating day. The concentrator was down approximately five days due to the replacement of two mill transformers and a SAG mill liner change.
Exploration expenditures for the quarter were $899,335, which includes both exploration in Australia and British Columbia.
Guidance
Production in the first half of 2018 was on track as planned.
Q2 2018 Financial and Operating Results Conference Call and Webcast
The Company will hold a conference call on Tuesday, August 7, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q2 2018 Financial and Operating Results.
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast go to: https://event.on24.com/wcc/r/1791161/D0B739B616FCF077D8F8CCDB33DAE1AA
Replay call information
Toronto and international: 416-849-0833 Passcode: 3669918
North America (toll-free): 1-855-859-2056 Passcode: 3669918
The conference call replay will be available from 10:30 am (PST) on August 7th, until 20:59 pm PST on August 14th, 2018.http://www.cumtn.com.
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 Copper Mountain mine produces about 100 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 379,000 hectare highly prospective land package in the Mount Isa area.
Additional information is available on the Company?s web page at 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.erformance and opportunities to differ materially from those implied by such forward-looking statements.whether as a result of new information, future events or otherwise.
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Datum: 08.08.2018 - 01:32 Uhr
Sprache: Deutsch
News-ID 1539526
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