Copper Mountain hits lower-end of guidance
VANCOUVER (miningweekly.com) – British Columbia copper producer Copper Mountain has hit the lower-end of its 2017 guidance and expects a 27% year-on-year price improvement to bode well for the full-year financial results, which it plans to release on February 20.
In the fourth quarter of 2017, the Copper Mountain mine's mill throughput averaged 40 130 t/d, producing 22.3-million pounds of copper equivalent, including 19.5-million pounds of copper plus gold and silver credits, for a 2017 total of 88.3-million pounds of copper equivalent.
This included 75.8-million pounds of copper plus gold and silver credits, hitting the company's 2017 guidance range of 75-million to 80-million pounds of red metal.
The copper price averaged $2.79/lb in 2017, well above the previous year's average of $2.20/lb. The equity rout of the past several days has lopped about 4.5% off the copper price this week to about $3.07/lb currently, from $3.24/lb earlier this week. Copper Mountain noted that the improved pricing, nevertheless, bodes well for its full-year financial results.
The TSX-listed company advised that it continues to make progress on implementing its business strategy, building on the efficient and strong operational base from which to grow. It is focused on organic growth, testing areas underneath its existing openpit and is drilling the nearby New Ingerbelle deposit, with the aim to include results in its next updated compliant resource/reserve statement, slated for the second quarter.
Last year, Copper Mountain announced plans to acquire Australia-based Altona Mining, with a view to setting up a second production base.
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