- Copper Mountain Mining Corporation (CMMC) has announced its second quarter financial and operating results
- Production rate was 16.1 million pounds of copper equivalent, including gold and silver
- Revenue was recorded as $59.1 million from selling a majority of these minerals
- Lower production rate and higher overall costs caused issues as net loss was $5.3 million
- The company installed and commissioned additional cleaner circuit capacity to handle higher mill feed grade at higher tonnage rates
- Copper Mountain Mining Corporation (CMMC) is down 7.09 per cent and is trading at $1.31 per share as of 1:20 p.m. ET
Copper Mountain Mining Corporation (CMMC) has announced its second quarter financial and operating results.
The company shared its production rate was 16.1 million pounds of copper equivalent, including 13.3 million pounds of copper, 5,792 ounces of gold, and 61,628 ounces of silver. Its revenue was recorded as $59.1 million from the sale of most of the aforementioned minerals.
According to the company, it did experience issues during the quarter due to a lower production rate and higher overall costs. Net loss for Q2 2022 was $5.3 million.
“Most of the impact to production came from lower-grade ore and crushing circuit throughput… mining of the last benches of Phase 2 from a lower grade area and the top cuts of the new North Pit, which was lower-grade and oxidized with some high clay content zones, created a sticky feed that impacted crushing circuit performance with clogged chutes and crushers plugging,” Gil Clausen, President and CEO of Copper Mountain, said.
Copper mountain stated its cash flow from operations was $9 million, and cash, equivalents, and restricted cash was $92.2 million.
Regarding its operational progress, the company installed and commissioned additional cleaner circuit capacity to handle higher mill feed grade at higher tonnage rates.
“We are completing the engineering work on the Life of Mine technical study that will include a new updated mineral reserve and mineral resource estimate for the Copper Mountain Mine… We expect this study to be published in September,” Clausen said.
Copper Mountain Mining Corporation (CMMC) is down 7.09 per cent and is trading at $1.31 per share as of 1:20 p.m. ET.