Copper Mountain Announces Q2 2018 Financial Results

Copper Mountain Mining Corporation (TSX:CMMC,ASX:C6C) has today (August 7) announced its second quarter 2018 financial results.

The release also included an update from President and CEO on the company’s plans in Australia.

As highlighted in the press release:

• Production at the Copper Mountain mine (British Columbia) was 23.1 million pounds of copper equivalent in the second quarter of 2018, which includes 20.0 million pounds of copper, 6,500 ounces of gold and 68,400 ounces of silver.
• Revenue for the second quarter of 2018 was C$84.2 million, from the sale of 19.9 million pounds of copper, 6,300 ounces of gold, and 70,000 ounces of silver, net of pricing adjustments.
• Cash flow from operations for the second quarter of 2018 was C$40.1 million.
• EBITDA of C$22.6 million for the second quarter of 2018.
• Site cash costs for the second quarter of 2018 were US$1.40 per pound of copper produced net of precious metal credits.
• Total cash costs for the second quarter of 2018 were US$1.80 per pound of copper sold net of precious metal credits and all off-site charges.

President and CEO of Copper Mountain, Gil Clausen said:

“In the second quarter we commenced our phase 2 drilling program at New Ingerbelle, which has already returned very encouraging results. We intend to complete an updated mineral resource at New Ingerbelle following the drilling campaign in the third quarter. The third quarter will also have other value-enhancing catalysts including an updated reserve, resource and production plan at the Copper Mountain mine and an update on our Eva copper project, located in Queensland, Australia.”

Click here to read the full Copper Mountain (TSX:CMMC,ASX:C6C) press release.