JOHANNESBURG (miningweekly.com) – Annual production is on track at TSX-listed copper and gold producer Copper Mountain Mining’s eponymous mine, in southern British Columbia, which produced 22-million pounds of copper, 8 170 oz of gold and 81 540 oz of silver in the third quarter, bringing production guidance slightly ahead for the year.
President and CEO Jim O’Rourke announced Thursday that new production records being achieved at the mine were strengthening the company’s operating base.
He noted that mill throughput for the month of September averaged 42 900 t/d, while the throughput for the quarter averaged 39 980 t/d, which was above guidance of 37 500 t/d.
“Gold production continues to provide a strong by-product credit and this, combined with the mine's aggressive cost-saving initiatives, has greatly strengthened the mine's ability to weather the current weak copper market," said O’Rourke.
Gold and silver production continues to provide a favourable contribution to the operation and accounts for over 20% of mine revenue.
Copper Mountain’s average milling rate of 39 980 t/d for the quarter also set a new record; total tonnes milled during the period totalled 3.7-million with an operating time of 92.2%. Copper recovery for the period was 82.9%, treating an average grade of 0.327% copper.
The company’s openpit mining averaged 173 100 t/d of material during the third quarter, bringing the year-to-date average 7% ahead of plan at 187 200 t/d of material mined.
Mining activities continued from the Pit 2, Saddle and Virginia Pit areas during the quarter. A total of 15.9-million tonnes of material was mined, including 5.9-million tonnes of ore and ten-million tonnes of waste, resulting in a strip ratio of 1.68 to 1.
High equipment mechanical availability was maintained during the quarter, which helps contribute to the above-average mining rates being achieved.