Copper Mountain posts Q4 and FY loss
Vancouver-based Copper Mountain has reported a fourth-quarter and full-year net loss, despite a strong operational performance, which saw the miner increasing quarterly output by 9.7% and meeting its 2018 production guidance.
Fourth-quarter production increased to 24.5-million pounds of copper equivalent, comprising 20.6-million pounds of copper, 8 124 oz of gold and 62 711 oz of silver, at a lower C1 cash cost of $1.60/lb of copper produced.
For the full year, production increased by 4.6% from the prior-year period to 92.4-million pounds of copper equivalent, comprising 78.8-million pounds of copper, 28 250 oz of gold and 273 913 oz of silver, at a C1 cash cost of $1.77/lb.
Weaker copper prices, however, pushed down Copper Mountain’s revenue, with fourth-quarter revenue decreasing to C$73.1-million and the full year’s revenue to C$296-million. This compares with fourth-quarter revenue of C$73.15-million and full-year revenue of C$304.08-million in 2017.
The lower revenue and an increase in full-year cost of sales, coupled with noncash-related items, resulted in Copper Mountain booking a net loss of C$26.88-million for the year, compared with net income of C$67.34-million in 2017.
The fourth-quarter net loss was C$18.98-million, which compares with income of C$23.54-million a year earlier.
The adjusted income for the year also fell sharply to C$3.38-million, from C$46.6-million in 2017, with the fourth-quarter adjusted loss coming in at C$1.4-million.
Cash flow from operations decreased from C$57.27-million in 2017, to C$51.27-million in 2018.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
