Copper Mountain Mining Announces Q3 2018 Financial Results

ID: 1543371
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(PresseBox) - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the ?Company? or ?Copper Mountain? - http://www.commodity-tv.net/c/search_adv/?v=298551 ) announces third quarter 2018 financial results.& Analysis (?MD&A?) are available at www.CuMtn.com www.sedar.com .

Third quarter 2018 highlights:

Production at the Copper Mountain Mine was 22.0 million pounds of copper equivalent in the third quarter of 2018, which includes 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver and in line with expectations.

Company on track to achieve 2018 annual production guidance of 80 million pounds of copper (+/-5%) with the expectation of a strong fourth quarter.

Revenue for the third quarter 2018 was $60.7 million, from the sale of 17.6 million pounds of copper, 6,300 ounces of gold, and 62,500 ounces of silver, net of pricing adjustments.

Increased mineral reserves at the Copper Mountain Mine to 210 million tonnes0F[1] grading 0.26% copper, 0.08 grams per tonne gold, and 0.89 grams per tonne silver for 1.2 billion pounds of copper, 504,000 ounces of gold and 6.0 million ounces of silver.

Positive feasibility study results for the Eva Copper Project demonstrated an after-NPV of US$256 million at an 8% discount rate and total copper production of 959 million pounds over a 12-year mine life.

Robust preliminary economic assessment (PEA) results for New Ingerbelle demonstrated an after-tax Net Present Value (NPV) of US$394 million at an 8% discount rate and total copper production of 768 million pounds over a 12-year mine life.

Gil Clausen, President and CEO of Copper Mountain, remarked ?This quarter was an exceptionally busy quarter for Copper Mountain as we delivered on all of the project milestones as promised.ralia, which exhibited robust economics and is expected to produce over 120 million pounds of copper annually in the early years of its mine life. ?



Mr. Clausen added, ?We will continue to focus on ensuring Copper Mountain produces predictably and reliably as it has year to date.

The Company recognized revenue of $60.7 million in Q3 2018 on the sale of copper concentrates net of treatment charges. Third quarter revenue was impacted by a shipping delay at the Port of Vancouver over the quarter-end which resulted in 1.1 million pounds of copper, 440 ounces of gold, and 4,000 ounces of silver not being recorded in Q3 2018. This revenue will be recognized in Q4 2018.

At the end of Q3 2018, the Company recorded an increase in accounts receivable primarily attributable to a shipping delay at the Port of Vancouver over the quarter-end for which the Company did not receive payment of

The Company recorded higher Q3 2018 operating costs as a result of increased cost of sales of $70.3 million. The increase is largely due to a $5.3 million inventory adjustment to the low-grade stockpile. This adjustment was necessary to record the low-grade stockpile at net realizable value due to the decline in copper price. Additionally, Q3 2018 operating costs reflect increases mainly associated with timing of planned major mine maintenance, fuel unit costs, and other consumable unit costs as compared to Q3 2017.

Exploration expenditures for the quarter were $2.9 Mio, which includes both exploration in Australia and British Columbia.

The Copper Mountain Mine produced 22.0 million pounds of copper equivalent which is comprised of 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver during Q3 2018. Lower copper production in Q3 2018 was as forecast and within expectations of the 2018 production plan.

Site cash costs for Q3 2018 were US$1.78 per pound of copper produced, net of precious metal credits, and total cash costs were US$2.25 per pound sold, net of precious metal credits. Site cash costs and total cash costs were higher primarily due to lower copper production and sales as a result of lower head grades in the quarter, as planned, the $5.3 million inventory adjustment to the low-grade stockpile, and the shipping delay at the Port of Vancouver which decreased metal sales by 1.1 million pounds of copper, 440 ounces of gold, and 4,000 ounces of silver.

The Company is on track to meet full year guidance for copper production as year-to-date production has been in-line with the plan and production is expected to be strong in the fourth quarter. The Company maintains 2018 annual production guidance of 80 million pounds of copper (+/- 5%).

Q3 2018 Financial and Operating Results Conference Call and Webcast

The Company will hold a conference call on Wednesday, October 31, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q3 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 live via computer visit the Company?s website at www.cumtn.com or https://event.on24.com/wcc/r/1833337/29A6E0EF562FD710672ED8952756F33F

Replay information

Toronto and international: 416-849-0833

Passcode: 9499185

North America (toll-free): 1-855-859-2056

Passcode: 9499185

The conference call replay will be available from 10:30 am (PST) on October 31, 2018 until 20:59 pm PST on November 7, 2018. An archive of the audio webcast will also be available on the company?s website at 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 397,000 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.g statement, whether as a result of new information, future events or otherwise.

[1]Includes low-grade stockpile.



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Date: 10/31/2018 - 10:00
Language: English
News-ID 1543371
Character count: 2776
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Firma: Swiss Resource Capital AG
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Stadt: Vancouver, British Columbia
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