Canadian miner Copper Mountain has reported higher production at its 75%-owned namesake mine, in British Columbia, with the operation producing 20-million pounds of copper, 6 500 oz of gold and 68 400 oz of silver in the second quarter of this year.
The production compares with 17.2-million pounds of copper, 5 900 oz of gold and 63 200 oz of silver in the second quarter of 2017.
The company's 2018 production guidance is at 80-million pounds of copper.
Copper Mountain generated revenue of C$84.2-million, from the sale of 19.9-million pounds of copper, 6 300 oz of gold and 70 000 oz of silver. The revenue is significantly more than the C$67.15-million reported in the prior-year quarter.
Net income, however, reduced from C$10.11-million in the June 2017 quarter, to C$3.64-million, mainly as a result of a foreign exchange loss in the period under review.
"2018 continues to be a solid year for Copper Mountain. We had another strong quarter with revenue up 25% and cash flow up 55% year over year. Production was up 16% and we are on track to achieve our annual guidance. We ended the quarter with a robust cash position and our focus remains on protecting our balance sheet while advancing our organic growth," commented Copper Mountain president and CEO Gil Clausen.
He also reported that Copper Mountain had started the Phase 2 drilling programme at New Ingerbelle and that the company intended to complete an updated mineral resource at New Ingerbelle following the drilling campaign in the third quarter.
“The third quarter will also have other value-enhancing catalysts including an updated reserve, resource and production plan at the Copper Mountain mine and an update on our Eva copper project, located in Queensland, Australia,” Clausen said.