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Dienstag, 20.02.2018 11:35 von PR Newswire | Aufrufe: 78

Copper Mountain Announces 2017 Year End Results

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PR Newswire

VANCOUVER, Feb. 20, 2018

This release should be read with the audited 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, Feb. 20, 2018 /PRNewswire/ - Copper Mountain Mining Corporation (TSX: CMMC) (the "Company" or "Copper Mountain") announces 2017 year end revenues of $304 million, after pricing adjustments and treatment charges, from the sale of 73.9 million pounds of copper, 23,800 ounces of gold, and 264,800 ounces of silver. Total cash cost for the year was US$1.81 per pound of copper sold, net of precious metals credits.

2017 Highlights (100% CAD$ Basis)

Mine production for the year was 88.3 million pounds of copper equivalent, made up of 75.8 million pounds of copper, 23,600 ounces of gold and 277,000 ounces of silver.
Revenue for the year was $304 million from the sale of 73.9 million pounds of copper, 23,800 ounces of gold, and 264,800 ounces of silver, net of pricing adjustments.
Cash flows from operations before changes in working capital items for the year were $102.8 million.
Gross profit for the year was $59.1 million.
EBITDA was $122.5 million for the year.
Adjusted EBITDA was $91.0 million for the year.
Site cash costs for the year were US$1.38 per pound of copper produced net of precious metal credits.
Total cash costs for the year were US$1.81 per pound of copper sold net of precious metal credits.
Realized prices on metal sales in the quarter were US$3.12 per pound of copper, US$1,279 per ounce of gold and US$16.77 per ounce of silver.
Paid back $50 million in principle and interest on project loans
Cash on hand at the end of the year increased to $45 million

Jim O'Rourke, President and CEO of Copper Mountain, remarked "During 2017, Copper Mountain continued to demonstrate efficiency in production and mine operations. The installment of the SAG mill bull gear in April 2017 was a major maintenance project that was completed ahead of schedule. The mine had $102.8 million in cash flow from operations and generated $67 million in earnings. The mine has continued to focus on cost controls and production efficiencies."

Mr. O'Rourke continued, "At the end of 2017 the Company's cash position increased to $45 million and we are looking forward to the strong copper markets of 2018 to further strengthen the Company's balance sheet."

Summary Financial Results

Three months ended

ARIVA.DE Börsen-Geflüster

Kurse

Copper Mountain Mining Corp

0,18 $

0,00%

December 31,

Year ended

December 31,

(In Thousands of CDN$, other than per share and per pound amounts)

2017

2016

2017

2016

Revenues

85,687

84,523

304,080

277,996

Gross profit (loss)

20,013

15,836

59,095

19,666

Cash flow from operations (before w/c changes)

31,597

28,128

102,796

68,892

Operating income

17,873

14,164

50,151

12,924

Adjusted earnings (loss)¹

20,374

7,090

35,786

(11,717)

Net Income

23,538

2,881

67,339

11,597

Earnings attributable to shareholders of the Company

16,479

2,098

47,963

7,723

Earnings per share²

0.12

0.01

0.36

0.06

Adjusted earnings (loss) per share³

0.15

0.06

0.27

(0.09)

EBITDA

31,566

20,760

122,504

79,082

Adjusted EBITDA

28,402

24,969

90,951

55,768

Cash and cash equivalents

45,133

31,409

Working capital

6,893

(791)

Equity

265,285

195,533

Copper produced (lbs)

19,500

20,800

75,800

82,900

Gold produced (oz)

5,200

7,100

23,600

30,800

Silver produced (oz)

70,400

71,100

277,000

291,900

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