Copper Mountain Mining Announces Positive Q1 2016 Results

VANCOUVER, May 2, 2016

VANCOUVER, May 2, 2016 /CNW/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces first quarter revenues of $58.7 million after pricing adjustments and treatment charges from the sale of 22.3 million pounds of copper equivalent (including 18.1 million pounds of copper, 6,900 ounces of gold, and 61,200 ounces of silver).  Total cash cost for the quarter ended March 31, 2016 was US$1.61 per pound of copper sold, net of precious metals credits.

Jim O'Rourke, President and CEO of Copper Mountain, remarked "During the first quarter of 2016, Copper Mountain continued to demonstrate solid performance within a challenging commodities price environment by focusing on cost containment and production efficiencies.  Total cash costs for the quarter decreased by 9% to US$1.61 per pound of copper sold net of precious metal credits and after all off-site charges, over Q1 2015 total cash costs.  Mine production was strong during the quarter with approximately 192,000 tonnes mined per day, well above our 2016 guidance of 174,000 tpd.  Mill throughput for the quarter averaged 37,100 tpd, a 9% quarter-over-quarter increase, further demonstrating Copper Mountain's ability to operate above design capacity of 35,000 tpd on a sustained basis".

Mr. O'Rourke continued, "At this time, I would like to acknowledge the dedication and efforts of our employees and suppliers for their commitments and cooperation in successfully tackling the challenges necessary to survive in the current copper price environment.  We continue to focus on cost control and operational improvements to deal with the reality of the current global economic climate and are well positioned to benefit from higher metal prices in the future." 

Summary Financial Results

	Three months ended ARIVA.DE Börsen-Geflüster Kurse Copper Mountain Mining Corp 0,18 $ 0,00% March 31,
(CDN$, except for cash cost data in US$)	2016 $	2015 $
Revenues	58,726	71,457
Gross profit (loss)	1,564	6,750
Operating income (loss)	(450)	4,474
Adjusted earnings 1	(7,880)	4,312
Adjusted earnings per share2	(0.07)	0.04
EBITDA	34,002	(17,676)
Adjusted EBITDA	7,194	18,439
Cash Flow from operating activities before working capital items	15,161	17,876
Cash and cash equivalents	1,761	14,792
Accounts payable and accrued liabilities	30,519	40,608
Working capital	(13,946)	17,923
Equity	195,348	248,686
Copper produced (000's lbs)	19,000	18,400
Gold produced (oz)	7,600	7,800
Silver produced (oz)	64,700	80,300
Copper sold (000's lbs)	18,100	21,500
Gold sold (oz)	6,900	7,600
Silver sold (oz)	61,200	92,700
Site cash costs per pound of copper produced (net of gold, silver credits) (US$)	1.16	1.21
Total cash costs per pound of copper sold (net of gold, silver credits) (US$)	1.61	1.77
Realized Copper Price (US$)	2.10	2.64

Copper Mountain Mine

During the quarter, the Company completed a total of three shipments of copper concentrate containing approximately 18.1 million pounds of copper, 6,900 ounces of gold, and 61,200 ounces of silver which generated $58.7 million in revenue net of treatment and refining charges and pricing adjustments.  Site cash costs were US$1.16 per pound of copper produced and total cash costs were US$1.61 per pound sold, net of precious metal credits for the three months ended March 31, 2016; compared to site cash costs of US$1.21 per pound of copper produced and total cash costs of US$1.77 per pound of copper sold, net of precious metal credits for the three months ended March 31, 2015.   

Mining activities were mainly focused in the Pit #2 and the Virginia pit areas for the first quarter of 2016. During the quarter a total of 17.4 million tonnes of material was mined, including 5.7 million tonnes of ore and 11.8 million tonnes of waste for a strip ratio of 2.07:1.  During the quarter, the mine achieved a new daily mining record of 242,950 tpd, which was made possible by the opening up of short waste haul opportunities and a continued focus on maximizing haul truck hours.  For the quarter the mine averaged 194,000 tonnes per day moved.

During the quarter the mill processed a total of 3.4 million tonnes of ore grading 0.312% copper to produce 19 million pounds of copper, 7,600 ounces of gold, and 64,600 ounces of silver. Mill recoveries were 82% for the quarter.  Mill operating time during the quarter averaged 91% operating time, with March operating time coming in at 93.5%, compared to 93.2% averaged during Q1-2015. The mill achieved an average throughput rate of 37,100 tpd during the quarter, as the Company had some planned and unplanned downtime associated with the SAG mill discharge screen early in the quarter that reduced the quarter's average.

Listed below is a summarized balance sheet and income statement as well as details for our conference call schedule:

Summarized Balance Sheet

	March 31, 2016 $	December  31, 2015  $
Assets
Cash	1,761	12,190
Accounts Receivable and prepaids	16,865	11,990 Werbung Mehr Nachrichten zur Copper Mountain Mining Corp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 25.04.24 - PR Newswire Mid Wynd International Investment Trust Plc - Transaction in Own Shares 25.04.24 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 25.04.24 - PR Newswire Everest Global Plc - Result of AGM SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59