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Copper Mountain Mining announces Q4 and full year 2018 financial results

Mining News - Published on Tue, 19 Feb 2019

Image Source: Swiss Resource Capital
Copper Mountain Mining Corporation announced Q4 and full year 2018 financial results. All currency is in Canadian dollars, unless otherwise stated. All results are reported on a 100% basis.

FOURTH QUARTER 2018 AND FULL YEAR 2018 HIGHLIGHTS
Fourth quarter 2018 production was the strongest quarter of the year, with production increasing 9.7% from the prior year to 24.5 million pounds of copper equivalent (comprised of 20.6 million pounds of copper, 8,124 ounces of gold and 62,711 ounces of silver).
Full year 2018 production met guidance, with production increasing 4.6% from the prior year to 92.4 million pounds of copper equivalent (comprised of 78.8 million pounds of copper, 28,250 ounces of gold and 273,913 ounces of silver).
C1 cash costs for the fourth quarter decreased 13% compared to the prior year to US$1.60 per pound of copper produced and full year 2018 C1 cash costs decreased 4% compared to the prior year to US$1.77 per pound of copper produced.
Revenue for the fourth quarter was $73.1 million from the sale of 19.4 million pounds of copper, 7,475 ounces of gold and 69,761 ounces of silver and revenue for the full year of 2018 was $296.0 million, from the sale of 79.2 million pounds of copper, 26,799 ounces of gold, and 284,086 ounces of silver, net of pricing adjustments.
Adjusted earnings per share was ($0.01) for the fourth quarter and $0.02 for the year.
Cash flow from operations for the fourth quarter was $28.8 million and $51.3 million for the full year of 2018.
In 2018, Mineral Reserves increased at the Copper Mountain Mine, a preliminary economic assessment (PEA) on New Ingerbelle was completed resulting in an after-tax NPV (8%) of US$390 million and a feasibility study was completed for the Eva Copper Project resulting in an after-tax NPV (8%) of US$256 million.

Mr Gil Clausen, Copper Mountain's President and CEO, said that "In 2018, we focused on building a strong foundation from which to grow our business. The Copper Mountain Mine finished the year achieving guidance across all metrics. We are also completing an integrated mine plan which will combine the New Ingerbelle deposit into the Copper Mountain mine plan and may double the mine life. The New Ingerbelle deposit provides the potential to add significant value through the addition of low risk, low cost production, particularly as we evaluate a mill expansion plan, which could allow for increased production levels in our existing mill within our current operating and environmental permits. We expect to complete this integrated life of mine plan and publish a new Technical Report for our Copper Mountain Mine in the first quarter of 2019."

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Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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