Copper Mountain’s stock climbs despite narrowing Q2 profit
TORONTO (miningweekly.com) – Copper Mountain Mining's TSX-listed stock rose nearly 15% on Monday after the company reported narrower adjusted net profit for the quarter ended June.
The Vancouver-based miner reported that second-quarter net income attributable to shareholders of the company fell to C$2.87-million, or C$0.01 a share, from C$13.31-million, or C$0.08 a share, in the comparable quarter a year earlier.
Adjusted to remove special items, earnings were C$3.48-million, or C$0.03 a share, compared with an adjusted loss of C$1.8-million, or C$0.02 a share, during the same quarter a year earlier.
Bay Street analysts expected adjusted earnings of nil a share on revenue of C$65.63-million.
Revenues for the quarter declined to C$56.81-million from C$68.03-million in the same quarter last year.
During the quarter, the company’s cornerstone and eponymous mine, in British Columbia, produced 19.5-million pounds of copper, 7 800 oz of gold and 71 100 oz of silver.
The average realised copper price had declined 11% year-over-year to $2.74/lb, prompting the company to take steps to reduce costs to increase cash flow from operations.
As at June 30, Copper Mountain had working capital of $15.8-million.
The TSX-listed stock on Monday changed hands at C$0.85 apiece, having shed 55% of its value since the start of the year.
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