Copper Mountain Mining will retain its 31,750-34,020mt production guidance for copper during the remainder of the year, the Vancouver-based miner indicated in its latest earnings report.
The company anticipates better production in H2 2020, owing to better grades of yield as it begins to mine higher recovery areas of the Copper Mountain mine.
Copper Mountain has completed the first phase of constructing its 45,000mt/day mill with the installation of Direct Flotation Reactors (DFRs), which could increase yield rate from 25pc to 28pc, reducing the cost of smelting and refining.
According to its H1/Q2 2020 earnings report, the miner’s copper production fell by 4.2pc to 16,131mt in the first six months of the year from 16,810mt in H1 2019. Copper sales fell by 1.4pc to 16,665mt from 16,909mt in the same period under comparison. The company mined 7,255mt of copper in H1 2020, a rise of 24pc from 5,821mt mined in the first half of 2019.
In Q2 2020, copper output fell by almost 2pc to 8,206mt from 8,368mt in Q2 2019. Sales climbed by 5pc to 8,563mt from 8,133mt in the same period. Ore mined in Q2 2020 tallied at 3,577mt, up by 18pc from 3,007mt in the same period last year.
In H1 2020, Copper Mountain posted revenue of CA$140mn ($104mn) compared with CA$152mn in the prior-year period while EBITDA fell to CA$9.4mn from CA$42mn during the same period under comparison. In the quarter ended June 30, 2020, revenue stood at CA$91mn while EBITDA tallied at CA$49mn.