TORONTO (miningweekly.com) – The TSX-listed stock of copper producer Copper Mountain Mining on Monday traded higher despite the company reporting a headline net loss that missed analyst expectations.

For the three months ended June 30, the miner reported an adjusted net loss of C$1.8-million, or C$0.02 a share, compared with adjusted net income of C$1.5-million, or C$0.02 a share, in the same period a year earlier.

Analysts had on average expected adjusted earnings of C$0.02 on revenue of C$65.65-million.

Copper Mountain reported revenue for the period of C$68-million, up 49% year-on-year, lifted by a 22% rise in copper sold to 18-million pounds.

During the second quarter, the mine shipped 35 900 wet metric tonnes of concentrate to Japan for smelting. The total cash cost of copper sold for the period was $2.27/lb of copper after gold and silver by-product credits, down 2% when compared with costs of $2.32/lb a year earlier.

Net income rose to C$13.3-million, or C$0.08 a share, up from a loss of C$12.08-million, or C$0.15 a share.

Copper output rose 27% year-on-year to 19.9-million pounds, a new output record for its eponymous mine in British Columbia. Gold output totalled 5 000 oz, which was marginally lower than a year earlier, and silver output rose 60% to 113 300 oz.

The miner reiterated its expectation of producing between 80-million and 90-million pounds of copper for the full year.

Copper Mountain last week announced that it had completed the installation and was now commissioning the new permanent secondary crusher at its mine, in the south of the province.

The project was completed on schedule and within its $40-million budget, providing the mine with Western Canada’s largest cone crusher. Analysts expected the start-up of the secondary crusher to be the key catalyst in the company’s operational turnaround and would generate significant cash-flow growth in future periods, mainly driven by unit cost improvements.

Copper Mountain’s TSX-listed stock was on Monday trading up C$0.16 a share at C$2.91 apiece, having gained 70% since the start of the year.