Copper Mountain swings to headline loss as Q1 copper prices, sales drop
TORONTO (miningweekly.com) – Despite Copper Mountain reporting mine throughput at rates above guidance, it had swung to a first-quarter loss of C$34-million, or C$0.07 a share, as lower copper prices and fewer sales in the period impacted on the company's bottom line.
The Vancouver-based company’s financial performance in the three months ended March 31 were C$0.04 a share below Bay Street-analyst expectations of losing C$0.03 a share, on revenue of C$62.84-million.
Total revenue for the period came in at C$58.72-million, down 18% year-on-year, even as copper production rose slightly to 19 000 lbs, with sales falling 16% year-on-year to 18 100 lbs.
During the quarter, Copper Mountain completed a total of three shipments of copper concentrate, which also included 6 900 oz of gold and 61 200 oz of silver.
Site cash costs were $1.16/lb of copper produced and total cash costs were down 9% year-on-year at $1.61/lb sold, net of precious metal credits.
The company expected its eponymous flagship mine in British Columbia to produce about 80-million pounds of copper this year, at a 37 500 t/d mill throughput with a head grade of 0.33% copper.
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