Copper Mountain Mining Releases Q2 Production Results

Copper Mountain Mining (TSX:CUM) announced its second quarter results on Monday, reporting higher production numbers.
As quoted in the press release, Copper Mountain CEO Jim O’Rourke said:

During the second quarter of 2016, Copper Mountain continued to demonstrate improvement in production. The mill finished the quarter strong by averaging 39,800 tpd throughput for the last two weeks of the month.  This continued for the month of July where a new mill throughput record of 40,700 tpd monthly average was achieved.  Despite the challenging commodities price environment, the mine has been cash flow positive from operations by focusing on cost controls and production efficiencies.  Total cash costs for the quarter decreased by 13% toUS$1.58 per pound of copper sold net of precious metal credits and after all off-site charges, over Q2 2015 total cash costs.  Mine production was ahead of budget during the quarter with approximately 196,900 tonnes mined per day, well above our 2016 guidance of 174,000 tpd.
The increased production has produced an increase in capital resources.  At the end of the quarter the Company had a total of $24.9 million of capital resources in the form of $5.1 million in cash and cash equivalents,$9.6 million in concentrate sales receivables, and $10.2 million of concentrate inventory waiting at the port to be shipped.  We will continue to focus on cost control and operational improvements to further strengthen the Company’s balance sheet.

Click here for the full press release.