The share price of Vancouver-based miner Copper Mountain fell to a 52-week low on Wednesday, after the company posted a third-quarter adjusted loss of C$8.31-million, after a shipping delay and lower prices hit revenue.
The company explained that its revenue fell from C$77.15-million in the September 2017 quarter to C$60.72-million in the three months under review, after a shipping delay at the Port of Vancouver resulted in 1.1-million pounds of copper, 440 oz of gold and 4 000 oz of silver not being recorded in the quarter.
Copper Mountain missed out on payments of C$19.2-million in the September quarter, and, if received, the cash balance would have increased to C$60.9-million in the three months under review.
Weaker copper prices and lower quantities of metals also impacted negatively on revenue, while the company recorded higher operating costs, owing to a C$5.3-million inventory adjustment to the low-grade stockpile as a result of a decline in prices.
The adjusted loss compares with an adjusted profit of C$11-million in the third quarter of 2017.
The Copper Mountain mine, near Princeton, British Columbia, produced 22-million pounds of copper equivalent, comprising 18.3-million pounds of copper, 7 500 oz of gold and 64 900 oz of silver during the quarter. This compares with the year-earlier’s 20.9-million pounds of copper, 6 700 oz of gold and 79 300 oz of silver.
Lower copper production in was forecast and within expectations of the 2018 production plan.
Mitsubishi Materials Corporation owns 25% of the mine.
Copper Mountain fell to a fresh 52-week low of C$0.94 a share on Wednesday, and closed 3% down on the previous day at C$0.95 a share.