Shipping delay hits Copper Mountain Q3 results
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.
Comments
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