Copper Mountain Mining Reports Q3 Results

Copper Mountain Mining (TSX:CUM) released its third quarter results this week, reporting third quarter revenues of $63.7 million after pricing adjustments and treatment charges. Total cash costs for the quarter came in at US$1.72 per pound of copper sold, net of precious metals credits.
As quoted in the press release, highlights included:

• Copper, gold and silver production for the third quarter of 2015 at Copper Mountain Mine was 20.4 million pounds of copper, 6,300 ounces of gold and 64,900 ounces of silver, or 58.2 million pounds of copper, 21,900 ounces of gold and 216,300 ounces of silver for the nine months ended September 30, 2015.
• Revenues for the third quarter of 2015 were $63.7 million from the sale of 21.9 million pounds of copper, 7,800 ounces of gold, and 65,300 ounces of silver, net of pricing adjustments, bringing nine month revenues to $192 million from the sale of 61.8 million pounds of copper, 21,700 ounces of gold, and 224,700 ounces of silver, net of pricing adjustments.
• Adjusted EBITDA was $14.7 million for the quarter; and $48.5 million for the nine months ended September 30, 2015.
• Adjusted earnings were $2.0 million for the quarter; and $9.8 million for the nine months ended September 30, 2015.
• Cash flow from operations was $4.7 million for the quarter; and $18.1 million for the nine months ended September 30, 2015.
• Cash on hand at the end of the quarter was $18.5 million.
• Mine production continued at a mining rate of 160,000 tpd moved during the quarter.
• SAG mill achieved an all-time monthly throughput record of 39,100 tpd during the month of July and averaged 37,400 tpd during the quarter.
• Site cash costs for the quarter were US$1.21 per pound of copper produced net of precious metal credits, a reduction of 11% over Q2 site cash costs.
• Total cash costs for the quarter were in-line with expectations at US$1.72 per pound of copper sold net of precious metal credits and after all off-site charges, a reduction of 5% over Q2 total cash costs.
• Realized prices on metal sales for Q3 2015 were US$2.39 per pound of copper, US$1,118 per ounce of gold and US$14.70 per ounce of silver.

Copper Mountain president and CEO, Jim O’Rourke, said:

We are very pleased to see another consecutive quarter of mill throughput improvements that have been made possible by the addition of secondary crushing. During the quarter the mill achieved a record quarterly average throughput of 37,400 tpd, 7% above our design capacity of 35,000 tpd. The 39,100 tpd average mill throughput achieved in July provides management encouragement for further improvements. We continue to focus on maximizing production while minimizing all costs. Recent modifications have provided further gains and we are confident these gains are sustainable.

Click here for the full press release.