https://www.miningweekly.com

Copper Mountain swings to Q3 headline profit as mine performs above plan

7th November 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – The TSX-listed stock of British Columbia-focused miner Copper Mountain Mining jumped more than 12% on Monday trading, after the company reported a higher-than-expected headline profit, on account of the mine performing above plan.

The Vancouver-headquartered miner that operates its flagship Copper Mountain mine, located near Princeton, swung back into the black during the three months ended September, reporting an adjusted profit of C$11-million, or C$0.08 a share, beating the average of eight analyst forecasts calling for a profit of only C$0.05 a share.

Net profit came to C$26.57-million, or C$0.15 a share, up from a loss of C$7.94-million, or C$0.05 a share, a year earlier.

Revenue increased 7% year-on-year to C$77.15-million, mainly attributable to higher copper prices. Realised copper prices rose 35% year-on-year to $2.91/lb in the quarter.

Copper Mountain had completed three shipments of copper concentrate containing about 19.3-million pounds of copper, 6 500 oz of gold, and 72 700 oz of silver.

The Copper Mountain mine produced 20.9-million pounds of copper, compared with 22-million pounds of copper in the third quarter of 2016.

Site cash costs were $1.25/lb of copper produced, net of precious metal credits, and total cash costs were $1.62/lb sold, net of precious metal credits. This was higher compared with the year-earlier site cash costs of $0.97/lb and total cash costs of $1.45/lb, mainly owing to a lower grade and reduced recoveries, as well as fewer precious metal credits.

The 2017 guidance remains unchanged at a range between 75-million to 85-million pounds of copper, plus precious metal credits.

The stock had gained up to C$C$1.84 apiece, before falling back to a closing price of C$1.76 apiece.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.173s - 112pq - 2rq
Subscribe Now