Copper Mountain Mining anticipates copper production to hit 86-96mn lb (39,000-43,545mt) this year, and 88-98mn lb in 2021 before decreasing to 75-85mn lb in 2022.
The company is expanding its Copper Mountain Mine mill, for which thoroughput will rise from 40,000mt to 45,000mt a day. In grinding finer ore, it will also enhance copper recovery. The third ball mill is commissioned for Q4 2020, while the cleaner circuit upgrade will occur by the middle of this year.
The Vancouver-based miner produced 72mn lb of copper in 2019, down from 78.8mn the year before. It produced 19mn lb during Q4 2019, down from 20.6mn lb in the prior year period. The company—which mines for gold and silver in addition to copper—produced a total of 62.1mn mt ore in 2019, down from 74.3mn mt in 2018.
The company’s 2019 copper sales reached $72.9mn (US$55.1mn), down from $79.1mn in 2018. During Q4 2019, copper sales totaled $17.6mn, which decreased from the $19.4mn worth of copper sold during the same period a year earlier.
Copper Mountain had $288mn in revenue last year, down slightly from $296mn in 2018. Its gross profit in 2019 was $25.1mn, down from $25.3mn during the prior year. However, the company had $25.9mn in net losses in 2019, slightly below its $26.9mn net loss in 2018.
($1=CAD$1.321)