- Copper Mountain Mining (C6C) has achieved a record quarterly production of 30.4 million ounces of copper equivalent for Q1 2021
- Throughout the quarter, the company produced 25.5 million pounds of copper, 8187 ounces of gold and 160,484 ounces of silver
- Average mill feed grade also increased to 0.42 per cent, up from 0.30 per cent in the prior corresponding period (pcp)
- Exploration began at Copper Mountain’s namesake mine in Canada while its exploration team mobilised to site in Cloncurry, Queensland
- Revenue totalled C$162.2 million (around A$167.3 million) for Q1, more than double the pcp
- Additionally, Copper Mountain recorded a net income of C$52.1 million (roughly A$53.7 million), compared to a net loss of C$43.4 million (roughly A$44.7 million) in Q1 2020
- Copper Mountain has ended the day 8.06 per cent in the green with shares trading at $4.02
Copper Mountain Mining (C6C) has achieved a record quarterly production of 30.4 million ounces of copper equivalent for Q1 2021.
Throughout the quarter, the company produced 25.5 million pounds of copper, 8187 ounces of gold and 160,484 ounces of silver.
For the prior corresponding period (pcp), Copper Mountain produced 17.5 million pounds of copper, 6139 ounces of gold and 80,016 ounces of silver.
Average mill feed grade also increased to 0.42 per cent, up from 0.30 per cent in Q1 2020.
“We started the year in a very strong position achieving record quarterly production for another quarter,” President and CEO Gil Clausen said.
“As a result of our record first quarter and the expected continued strong production throughout the year, we expect production to be in the upper half of our annual production range of 85 to 95 million tonnes,” he added.
Exploration
Canada
Copper Mountain began its 2021 exploration program in Canada in early March with a focus on the Copper Mountain Mine.
Exploration drilling will be undertaken to expand the resources and reserves at the Copper Mountain North and New Ingerbelle deposits.
Australia
An exploration team mobilised to Cloncurry, Queensland, in mid-March and will carry out work with aims of discovering new deposits in high potential areas.
Geochemical and geophysical surveys will then be completed to outline exploration drill holes.
Up to 6000 metres of reverse circulation (RC) and 1200 metres of diamond drilling will be completed.
Finances
Revenue totalled C$162.2 million (around A$167.3 million) for Q1, more than double the C$49.6 million (around A$51.1 million) in the pcp.
Copper Mountain credits this rise to increased sales and higher metal prices.
Additionally, Copper Mountain recorded a net income of C$52.1 million (roughly A$53.7 million), compared to a net loss of C$43.4 million (roughly A$44.7 million) in Q1 2020.
Copper Mountain has ended the day 8.06 per cent in the green with shares trading at $4.02 in a $775.9 million market cap.