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Montag, 07.11.2016 10:30 von PR Newswire | Aufrufe: 113

Copper Mountain Q3 2016 Financial Results

Gestapelte Kupferrohre (Symbolbild). © Axe_Olga / iStock / Getty Images Plus / Getty Images http://www.gettyimages.de

PR Newswire

VANCOUVER, Nov. 7, 2016

Web Site: www.CuMtn.com
TSX: CUM

VANCOUVER, Nov. 7, 2016 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CUM) (the "Company" or "Copper Mountain") announces third quarter revenues of $72.2 million after pricing adjustments and treatment charges from the sale of 29.5 million pounds of copper equivalent (including 23.5 million pounds of copper, 8,600 ounces of gold, and 75,700 ounces of silver). Total cash cost for the quarter ended September 30, 2016 was US$1.45 per pound of copper sold, net of precious metals credits and the Company ended the quarter with $25 million in cash.

Highlights (10% Basis)

Copper, gold and silver production for the third quarter of 2016 at Copper Mountain Mine was 22 million pounds of copper, 8,200 ounces of gold and 81,500 ounces of silver.
Revenue for the period was $72.2 million, from the sale of 23.5 million pounds of copper, 8,600 ounces of gold, and 75,700 ounces of silver, net of pricing adjustments.
Cash flow from operations for the quarter was $15.9 million.
Cash balance at the quarter end was $25 million, an increase of $20 million from June 30, 2016
Adjusted EBITDA was $16.6 million for the quarter.
Site cash costs for the 2016 third quarter were US$0.97 per pound of copper produced net of precious metal credits.
Total cash costs for the quarter were US$1.45 per pound of copper sold net of precious metal credits and after all off-site charges.
Realized prices on metal sales in the quarter were US$2.15 per pound of copper, US$1,337 per ounce of gold and US$19.54 per ounce of silver.

Jim O'Rourke, President and CEO of Copper Mountain, remarked "During the third quarter of 2016, Copper Mountain achieved new production records at the mine, with Mill throughput averaging 39,980 tpd during the quarter. The mine continues to focus on cost controls and production efficiencies. Total cash costs for the quarter decreased 16% to US$1.45 per pound of copper sold net of precious metal credits from US1.72, Q3 2015 total cash costs. Open pit mining averaged 173,100 tonnes of material per day during the third quarter, bringing the year to date average to 187,200 tonnes of material per day, 7% ahead of plan."

Mr. O'Rourke continued, "The increased production has produced an increase in capital resources. At the end of the quarter the Company had a total of $41 million of capital resources in the form of $25 million in cash and cash equivalents, $11 million in concentrate sales receivables, and $5.0 million of concentrate inventory waiting at the port to be shipped. We will continue to focus on cost control and operational improvements to further strengthen the Company's balance sheet."

Summary Financial Results

ARIVA.DE Börsen-Geflüster

Kurse

Copper Mountain Mining Corp

0,15 $

+36,4%

Three months ended

September 30,

Nine months ended
September 30,

(in thousands CDN$, except for cash cost data in US$)

2016

2015

2016

2015

Revenues

72,195

63,702

193,473

191,969

Gross profit (loss)

4,188

(2,085)

10,069

5,818

Net income (loss) and comprehensive income (loss)

(7,937)

(28,121)

8,716

(57,052)

Adjusted earnings (loss)¹

(1,332)

2,035

(12,568)

9,824

Adjusted earnings (loss) per share²

(0.01)

0.02

(0.10)

0.08

EBITDA³

10,006

(15,472)

57,090

(18,327)

Adjusted EBITDA

16,611

14,684

35,806

48,549

Cash flow from operating activities

15,862

4,774

24,419

18,131

Cash and cash equivalents

24,734

18,478

Equity

192,337

222,529

Copper produced (000's lbs)

22,000

20,400

62,100

58,200

Gold produced (oz)

8,200

6,300

23,780

21,900

Silver produced (oz)

81,500

64,900

220,800

216,300

Copper sold (000's lbs)

23,500

21,900

61,700

61,800

Gold sold (oz)

8,600

7,800

22,700

21,700

Silver sold (oz)

75,700

65,300

200,600

224,700

Site cash costs per pound of copper produced

(net of gold, silver credits) (US$)

0.97

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