Canada-based Copper Mountain Mining Corporation’s copper production in the first quarter of the year (Jan-Mar, 2021) stood at 25.5mn lbs, up by 45.7pc as compared to 17.5mn lbs in the same quarter in the prior year (Q1 2020), the company informed in its quarterly results.
The company achieved a record quarterly production in Q1 2021 despite a decline in the volume of ore processed at the mill as it mined mostly from Phase 3 which has higher-grade copper ore.
Its mill processed 3.4mn mt of ore during the quarter, registering a decline of 2.9pc from 3.5mn mt of ore processed in the prior-year period.
Copper recovery in Q1 2021 was 80.2pc as compared to 75.3pc in Q1 2020
The company said that it was intentionally reduced mill volume in Q1 2021 to manage the sheer volume of copper concentrate being produced due to the higher head grade.
It plans to invest in additional filtration capacity to maintain full throughput during periods of high-grade production.
Its outlook for copper production stands between 85-95mn lbs in 2021. The grades and production levels are expected to moderate for the remainder of the year.
Copper Mountain mine is located in southern British Columbia near the town of Princeton in Canada. The mine currently produces approximately 100mn lbs of copper equivalent per annum, with average annual production expected to increase to approximately 140mn lbs of copper equivalent.