Copper Mountain Trims Plans on Coronavirus “Uncertainty”

Copper Mountain Mining Corporation (TSX:CMMC,ASX:C6C) has revised its mine plan and project schedule at its Copper Mountain mine, located in Southern British Columbia, with the objective of maintaining solid positive margins and cash flow in response to current market conditions and near-term copper price uncertainty as a result of the Coronavirus impact to metal prices.

According to the release, the company will defer construction works at the mine, reduce operating costs by re-sequencing short-term production, and re-schedule the mining of high-grade ore to 2021 in anticipation of higher metal prices in the future.

As quoted in the press release:

“These actions allow the Company to maintain solid cash flow margins at the mine and run sustainably in the current low copper price environment, without any sacrifice to the long term mine plan. In addition, the revised mine plan also allows the Company to continue to be able to fund the mill expansion project internally. Saving the high-grade ore originally planned to be mined in 2020 for 2021 also better matches potential higher copper prices, thereby maximizing cash flow generation.”

The revised mine plan will see the company reduce its mining rate by 25 percent for the remainder of 2020.

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