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10.08.2015 09:00
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Copper Mountain announces positive Q2 2015 results
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PR Newswire
VANCOUVER, Aug. 10, 2015
Web Site: www.CuMtn.com
TSX:CUM
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| This release should be read with the unaudited financial statements and management's discussion and analysis available at www.cumtn.com and filed on www.sedar.com. Our financial results are prepared in accordance with IFRS and expressed in Canadian dollars, unless otherwise noted. Sales and production volumes for the Company's 75%-owned Copper Mountain mine are presented on a 100% basis unless otherwise indicated. |
VANCOUVER, Aug. 10, 2015 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces second quarter revenues of $56.8 million after pricing adjustments and treatment charges from the sale of 18.4 million pounds of copper, 6,300 ounces of gold, and 66,700 ounces of silver. Total cash costs for the quarter ended June 30, 2015 was US$1.81 per pound of copper sold, net of precious metals credits.
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| | Q2 - 2015 Highlights (100% Basis) |
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| · | Copper, gold and silver production for the second quarter of 2015 at Copper Mountain Mine (100%) was 19.5 million pounds of copper, 7,800 ounces of gold and 71,100 ounces of silver. |
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| · | Revenues for the second quarter of 2015 were $56.8 million from the sale of 18.4 million pounds of copper, 6,300 ounces of gold, and 66,700 ounces of silver, net of pricing adjustments. |
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| · | Adjusted earnings were $3.5 million for the quarter. |
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| · | Cash flow from operations was $15 million for the quarter. |
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| · | Cash on hand at the end of the quarter was $22.4 million, an increase of $7 million over the first quarter ending cash position. |
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| · | Mine production continued at a mining rate of 167,000 tpd moved. |
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| · | In early April 2015, the SAG mill achieved an all time daily throughput record of 45,939 tpd. |
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| · | Site cash costs for the quarter were in-line with expectations at US$1.36 per pound of copper produced net of precious metal credits. |
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| · | Total cash costs for the quarter were in-line with expectations at US$1.81 per pound of copper sold net of precious metal credits and after all off-site charges. |
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| · | Realized prices on metal sales for Q2 2015 were US$2.74 per pound of copper, US$1,196 per ounce of gold and US$16.41 per ounce of silver. |
Jim O'Rourke, President and CEO of Copper Mountain, remarked "Cost reductions and increased production are our continued focus. The disciplined dedication to our goals is reflected in the increased operating performance and the reduced costs achieved in the second quarter. This continuing drive for improvements at the mine is positioning the Company well to weather current global market conditions. In addition, Copper Mountain's bottom line continues to benefit from a weaker Canadian dollar relative to the U.S. dollar, as approximately 88% of the Company's operating costs have a Canadian dollar cost basis".
Mr. O'Rourke continued, "Copper Mountain Mining generated positive free cash flow during the second quarter, helped by increased productivity and lower costs. In keeping with this trend, no major capital expenditures are planned for the second half of 2015 and production improvements are expected to continue through to the end of the year".
| Summary Financial Results | ||||
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| | Three months ended June 30, | Six months ended June 30, | ||
| (CDN$, except for cash cost data in US$) | 2015 $ | 2014 $ | 2015 $ | 2014 $ |
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| Revenues | 56,810,348 | 68,033,648 | 128,267,014 | 129,215,920 |
| Gross profit | 1,153,758 | 10,392,636 | 7,903,750 | 11,488,712 |
| Operating income (loss) | (1,381,761) | 7,735,877 | 3,092,658 | 5,797,731 |
| Adjusted earnings (loss)1 | 3,476,530 | (1,793,510) | 7,788,881 | 4,930,619 |
| Adjusted earnings (loss) per share2 | 0.03 | (0.02) | 0.07 | 0.04 |
| EBITDA | 14,821,489 | 25,322,416 | (2,854,707) | 20,081,687 |
| Adjusted EBITDA | 15,426,044 | 10,221,054 | 33,865,433 | 27,324,246 |
| Cash Flow from operating activities before working capital items | 14,983,996 | (449,683) | 13,358,191 | 11,994,521 |
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| Cash and cash equivalents | | | 22,348,724 | 20,213,980 |
| Working capital | | | 15,763,368 | 27,995,507 |
| Equity | | | 251,816,029 | 299,365,314 |
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| Copper produced (lbs) | 19,500,000 | 19,900,000 | 37,900,000 | 39,000,000 |
| Gold produced (oz) Werbung Mehr Nachrichten zur Copper Mountain Mining Corp Aktie kostenlos abonnieren
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