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- Copper Mountain Mining (C6C) has posted record production figures for the fourth quarter of 2020, pushing the company past its full-year estimates
- The company had originally hoped to produce between 70 million and 75 million pounds of copper, but produced a total of 77.6 million pounds
- A record of 23.1 million pounds of copper were produced in the fourth quarter of the year
- Both gold and silver production also set new fourth-quarter records, totalling 8,959 ounces and 144,934 ounces, respectively
- Shares in Copper Mountain Mining were up 10.05 per cent at the close of trading yesterday to $2.19 each
Copper Mountain Mining (C6C) has posted record production figures for the fourth quarter of 2020, pushing the company past its full-year estimates.
According to the Vancouver-based company’s previously announced guidance, it had hoped to produce between 70 million and 75 million pounds of copper from its Copper Mountain Mine in British Columbia, but ultimately produced a total of 77.6 million pounds.
A record of 23.1 million pounds of copper were produced in the fourth quarter of the year, representing a 22 per cent increase compared to the third quarter and a 23 per cent increase compared to the same period in 2019.
Copper Mountain also set new records for its fourth-quarter gold and silver production, generating 8,959 ounces and 144,934 ounces, respectively, or 28.7 million copper equivalent pounds.
For the full year, gold and silver production came to 29,227 ounces and 392,494 ounces, or 98.2 million copper equivalent pounds.
“We finished the year strong with record production in the fourth quarter as a result of higher grades, which we expect to continue in 2021,” said Gil Clausen, President and CEO of Copper Mountain Mining.
The company has now forecast up to a 22 per cent increase in copper production for 2021 of between 85 million and 95 million pounds, with a throughput rate of 45,000 tonnes per day once its mill expansion is completed in the third quarter.
“We are continuing to build up a healthy cash position while investing in our low risk, high return growth projects at the Copper Mountain Mine,” Gil continued.
“Following the completion of the mill expansion to 45,000 tonnes per day this year, we will focus on a further mill expansion to 65,000 tonnes per day,” he added.
Copper Mountain is also expecting to maintain a low cost profile, with all-in costs anticipated of between US$1.80 (A$2.32) and US$2.00 (A$2.58) per pound.
Shares in Copper Mountain Mining were up 10.05 per cent at the close of trading yesterday to $2.19 each.
