Copper Mountain Exceeds 2020 Production Guidance and Provides 2021 Guidance
(PresseBox) - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the ?Company? or ?Copper Mountain? - https://www.commodity-tv.com/ondemand/companies/profil/copper-mountain-mining-corp/) is pleased to announce that the Copper Mountain Mine exceeded 2020 production guidance and achieved record quarterly production for copper, gold and silver in the fourth quarter. All results are reported on a 100% basis.
2020 Production Highlights
2020 production of 77.6 million pounds of copper exceeded guidance of 70 to 75 million pounds.
Q4 2020 production of 23.1 million pounds of copper achieved record quarterly production.
2020 gold production was 29,227 ounces with record quarterly production of 8,959 ounces in Q4 2020.
2020 silver production was 392,494 ounces with record quarterly production of 144,934 ounces in Q4 2020.
2021 Production and Cost Guidance Highlights
2021 production expected to increase up to a range of 85 to 95 million pounds of copper.
All-in cost (AIC) in 2021 expected to be in the range of US$1.80 to US$2.00 per pound.
?Our operating team executed on our operating plan beating our production guidance for this year,? commented Gil Clausen, Copper Mountain?s President and CEO. ?We finished the year strong with record production in the fourth quarter as a result of higher grades, which we expect to continue in 2021. n 2021 with all-in cost expected to be between US$1.80 to $2.00 per pound, which is in line with 2020 expectations.?
Mr. Clausen added, ?We are continuing to build up a healthy cash position while investing in our low risk, high return growth projects at the Copper Mountain Mine.
Q4 and 2020 Production Results
Copper production for the fourth quarter of 2020 increased 22% from the third quarter of 2020 and 23% when compared to the fourth quarter of 2019.
In 2020, the Copper Mountain Mine produced 77.6 million pounds of copper, exceeding guidance of 70 to 75 million pounds. Gold production was 29,227 ounces and silver production was 392,494 ounces.
2021 Guidance
Production
Based on the updated life of mine production plan announced on November 30, 2020, the Company expects 2021 production to be 85 to 95 million pounds of copper as a result of higher grades and improved recoveries.
Copper Mountain Mine?s 45,000 tonnes per day mill expansion project is expected to be complete with commissioning of the third ball mill by the end of the third quarter of 2021. The 45,000 tonnes per day mill expansion will increase throughput and improve copper recovery, resulting in higher production.
Gold production is expected to be 25,000 to 35,000 ounces and silver production is expected to be 500,000 to 550,000 ounces in 2021.
Costs
The Company expects all-in cost (AIC) to remain low in 2021, estimating AIC to be between US$1.80 to US$2.00 per pound as a result of higher production and improved grade.
AIC includes sustaining capital, lease payments and applicable administration, in addition to deferred stripping and low-grade stockpile inventory expense.
Total growth or expansionary capital in 2021 is expected to be approximately US$33 million.ve expansion at the Copper Mountain Mine.
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 100 million pounds of copper equivalent.?C6C?.
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.required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Datum: 08.01.2021 - 09:18 Uhr
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News-ID 1563604
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