Copper Mountain Mining Announces 2019 Production and Provides Three-Year Guidance
(PresseBox) - Copper Mountain Mining Corporation (TSX:CMMC | ASX:C6C)https://www.commodity-tv.com/play/copper-markets-and-mining-whats-next/ ) announces Q4 and full year 2019 production results for its Copper Mountain Mine, located in southern British Columbia. The Company also announces three-year production guidance for 2020 to 2022 and cost guidance for 2020. All results are reported on a 100% basis.
Highlights
2020 production expected to increase up to 33% to 86 to 96 million pounds of copper
Production for 2019 was 72.0 million pounds of copper, meeting 2019 production guidance
Production for Q4 2019 was 18.6 million pounds of copper, 14% higher than Q3 2019
C1 cash costs in 2020 expected to be in the range of US$1.30 to US$1.45 per pound
Gil Clausen, Copper Mountain?s President and CEO, commented, ?We are now well positioned to deliver strong production, improved grades and lower cost as a result of the significant development completed in 2019 at the Copper Mountain Mine.n growth projects in 2020.?
Q4 and 2019 Production Results
Copper production for the fourth quarter of 2019 increased 14% from the third quarter of 2019.
In 2019, the Copper Mountain Mine produced 72.0 million pounds of copper, 26,747 ounces of gold and 271,835 ounces of silver for a total of 87.2 million copper equivalent pounds. Production was impacted by lower grade ore zones encountered in the third quarter of 2019.
Three-year Outlook
Based on the updated Mineral Reserve previously announced on October 28, 2019, the Company focused on optimizing the production plan with the objective of maximizing cash flow.
Production
Production for the Copper Mountain mine for the next three years is planned as follows:
Copper production in 2020 is expected to increase to 86 to 96 million pounds and in 2021 to 88 to 98 million pounds due to higher grades mined from the main pit. to 85 million pounds of copper with production planned to recover back to higher levels immediately thereafter.
The 2020 concentrator expansion project will bring plant capacity to 45,000 tpd by the end of the year. from about 24% to 28% copper in concentrate resulting in lower concentrate transportation, smelting and refining costs. Commissioning for the DFRs is expected mid-2020. The second stage consists of the installation of the third ball mill, which is already on site, and the Company plans on commissio
Gold production is expected to be 25,000 to 30,000 ounces and silver production is expected to be 400,000 to 500,000 ounces per year over the next three years.
Costs
Cost guidance for 2020 is provided in the table below.
C1 cash costs are expected to be between US$1.30 to $1.45 in 2020, primarily as a result of higher production and improved grades. Sustaining capital is expected to be approximately US$13 million, for all-in sustaining costs of US$1.40 to US$1.60 per pound. All-in costs are expected to be between US$1.95 to US$2.20 per pound.
Total growth or expansionary capital in 2020 is expected to be approximately US$33 million.Mountain Mine.
Additional Projects
The Company is conducting a Pre-Feasibility Study (PFS) to evaluate a further plant expansion beyond 45,000 tpd as the Copper Mountain Mine reserves continue to expand in size. The Company expects to complete the PFS by the end of 2020.
The completion of an updated Bankable Feasibility Study (BFS) for the Eva Project in Australia is planned for the first quarter of 2020. The BFS will include further optimizations of the Eva Project as well as incorporating additional new reserves into the mine plan, such as the Blackard and Scanlan deposits, the former of which was announced in October 2019.
Q4 2019 Financial and Operating Results Conference Call and Webcast
Copper Mountain will release full Q4 2019 financial and operating results before the market opens on Tuesday, February 18, 2020. The Company will hold a conference call on Tuesday, February 18, 2020 at 7:30 am (Pacific Standard Time) for management to discuss the Q4 2019 financial and operating results.
Live 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/2168869/8984BF310DEB282BBE3C738541A2A410
Replay Call Information
Toronto and international:
North America (toll-free):
The conference call replay will be available from 10:30 pm (PST) on February 18, 2020 until 20:59 pm PST on February 25, 2020. 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 produces about 90 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 4,000 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol ?CMMC? and Australian Stock Exchange under 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.
Chief Executive Officer
For further information, please contact:
Letitia Wong, Vice President Corporate Development & Investor Relations
604-682-2992 Email: letitia.wong(at)cumtn.comDan.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
Note:t metal prices and anticipated costs and expenditures. Guidance involves estimates of known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifio any forward-looking statement.
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Datum: 13.01.2020 - 11:12 Uhr
Sprache: Deutsch
News-ID 1555209
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