Copper Mountain Mining Announces Q2 2019 Financial Results
(PresseBox) - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the ?Company? or ?Copper Mountain? - https://www.commodity-tv.net/c/search_adv/?v=298887 ) announces second quarter 2019 financial and operating results.& Analysis (?MD&A?) are available at www.CuMtn.com and www.sedar.com.
SECOND QUARTER 2019 HIGHLIGHTS
Production for the second quarter of 2019 was 22.1 million pounds of copper equivalent (comprised of 18.4 million pounds of copper, 6,922 ounces of gold and 65,707 ounces of silver).
Revenue for the second quarter of 2019 was $65.1 million, from the sale of 17.9 million pounds of copper, 7,044 ounces of gold and 55,276 ounces of silver, net of pricing adjustments.
C1 cash cost per pound of copper produced was US$1.74 and all-in sustaining cost (AISC) per pound of copper produced was US$1.85.
Earnings per share was $0.01 and adjusted earnings per share was $0.00 for the second quarter of 2019.
Cash flow from operations for the second quarter of 2019 was $23.7 million.
Cash and cash equivalents at the end of the second quarter of 2019 was $43.9 million.
?The second quarter was another consistent operating quarter,? commented Gil Clausen, Copper Mountain?s President and CEO. ?We maintained our cash position, paid down our debt and continued to advance our growth opportunities while achieving predictable and reliable results quarter in and quarter out.?
He added, ?We expect production to be stronger in the second half of 2019 as we move into higher grade ore, and we remain on track to achieve our annual 2019 production guidance.?
In Q2 2019, the Copper Mountain Mine produced 18.4 million pounds of copper, 6,922 ounces of gold, and 65,707 ounces of silver compared to 20.0 million pounds of copper, 6,524 ounces of gold, and 68,404 ounces of silver in Q2 2018.
In Q2 2019, approximately 1.5 million tonnes of ore that was fed to the mill came from the ore stockpile and was included in the average feed grade for the quarter.
C1 cash cost per pound of copper produced for Q2 2019 was US$1.74, as compared to US$1.56 realized in Q2 2018.
Site cash costs for Q2 2019 were $46.9 million and C1 cash costs were $42.8 million, both in line with the previous eight quarters.
In Q2 2019, revenue was $65.1 million, net of pricing adjustments and treatment charges, compared to $84.2 million in Q2 2018.ompared to a negative mark to market adjustment of $1.3 million for Q2 2018.
Cost of sales in Q2 2019 was $63.5 million as compared to $63.5 million for Q2 2018.
Gross profit for Q2 2019 was $1.6 million as compared to $20.7 million for Q2 2018 and net income was $2.5 million for Q2 2019 as compared to $3.6 million for Q2 2018.ve mark to market adjustment of $1.3 million for Q2 2018; 3) cost of sales including lower depreciation of $5.2 million for Q2 2019 compared to $12 million for Q2 2018 as a result of an increased reserve base in 2018 over which these costs are depreciated; and 4) the inclusion of a non-cash unrealiz
PROJECT DEVELOPMENT UPDATE
Copper Mountain Mill Expansion
During the quarter, the Company continued to advance its expansion of the existing Copper Mountain Mine mill, which is planned to increase throughput to 45,000 tonnes per day from 40,000 tonnes per day and also improve copper recovery. The expansion project includes the installation of a third ball mill that the Company has already purchased and is currently being stored overseas. The foundation design for the new ball mill is currently being completed and the Company plans to ship the ball mill in the third quarter to arrive at the mine site before year end. Final test work and design for the cleaner circuit was completed in the second quarter, in addition to the engineering required for the new mill maintenance shop. Subsequent to the end of the quarter, the new higher capacity SAG Mill screen was installed and tie-ins for the new ball mill were completed during a planned mill shutdown for re-lining existing mills in early July.
Eva Copper Project
The Company is currently executing a drilling program to test additional exploration targets proximal to Eva Copper?s main deposit, Little Eva, as well as to support metallurgical studies and down dip extensions of the Blackard deposit. Blackard is not currently included in the Eva Copper feasibility study and has the potential to add a material volume of high grade tonnage to the existing planned mill feed.
Q2 2019 FINANCIAL AND OPERATING RESULTS CONFERENCE CALL AND WEBCAST
The Company will be hosting a conference call on Thursday, August 1, 2019 at 7:30 am (Pacific Time) for senior management to discuss the second quarter 2019 results.
Dial-in information:
Toronto and international:
North America (toll-free):
To participate in the webcast live via computer go to:
https://event.on24.com/wcc/r/2010157/A052FEC7A4C7DC35C45A6CCF8CA82B7C
Replay Call Information
Toronto and international:
North America (toll-free):
The conference call replay will be available from 10:30 am (PST) on Thursday, August 1, 2019 until 8:59 pm PST on Thursday, August 8, 2019. An archive of the audio webcast will also be available on the Company?s website at 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 currently produces approximately 90 million pounds of copper equivalent, with average annual production expected to increase to over 110 million pounds of copper equivalent.the symbol ?C6C?.
Additional information is available on the Company?s web page at www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
?Gil Clausen?
Gil Clausen, P.Eng.
President and Chief Executive Officer
For further information, please contact:
Letitia Wong
Vice President Corporate Development & Investor Relations
Telephone: 604-682-2992
Email: Letitia.Wong(at)CuMtn.com
Dan Gibbons
Investor Relations
Telephone: 604-682-2992 ext. 238
Email: Dan.Gibbons(at)CuMtn.com
Website: www.CuMtn.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
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.ng statement, whether as a result of new information, future events or otherwise.
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Datum: 01.08.2019 - 10:45 Uhr
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News-ID 1551166
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