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| This release should be read with the unaudited financial statements and management's discussion and analysis available at www.cumtn.com and filed on www.sedar.com. Our financial results are prepared in accordance with IFRS and expressed in Canadian dollars, unless otherwise noted. Sales and production volumes for the Company's 75%-owned Copper Mountain Mine are presented on a 100% basis unless otherwise indicated. |
Web Site: www.CuMtn.com
Copper Mountain announces 2012 year end results
VANCOUVER , March 18, 2013 /CNW/ - Copper Mountain Mining Corporation ( CUM.TO) (the "Company" or "Copper Mountain") announces a gross profit of $38.2 million for the year ended December 31, 2012 , an increase of 137% over the prior year.
| Year End 2012 Highlights | - Gross profit for the year was $38.2 million .
- Revenues for 2012 were $229.5 million from the sale of 59 million pounds of copper, 20 thousand ounces of gold, and 402 thousand ounces of silver.
- Total production for the 2012 year at Copper Mountain mine (100%) was 57 million pounds of Copper, 19 thousand ounces of gold, and 354 thousand ounces of silver.
- Mining activities continued to improve during the year, exiting 2012 at a rate of 186,250 TPD mined
- Milling activities continued to improve during the year, with the resolution of a number of one off issues in the mill
- EBITDA1 and Adjusted EBITDA2 for the year were $61.2 million and $61.7 million respectively.
- Adjusted3 4 earnings for the year was $27.9 million or $0.28 per share.
- Site cash costs for the year was US$1.83 per pound of copper produced net of precious metal credits.
- Total cash costs for the year was US$2.32 per pound of copper sold net of precious metal credits and after all off- site charges.
- Average realized copper price for 2012 was $3.61 per pound, in line with the average London Metal Exchange price for 2012
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Jim O'Rourke, President and CEO of Copper Mountain, remarked "We have been challenged with mill availability and throughput tonnage in the mill for a majority of 2012, but are very pleased to report that our efforts are paying off. Although we ended the year with an 82% availability in the mill for 2012, we have since seen significant improvements in availability as we achieved 93% availability in February 2013. The mill is still challenged to consistently make designed tonnage when receiving only Pit#3 ore as it is very hard, and we are now testing additional explosives to increase fragmentation of the ore and are evaluating the installation of a secondary crusher to pre-crush the ore entering the SAG Mill. In doing so this would allow for a consistent size of finer ore going into the SAG Mill to optimize the operation. Initial estimates indicate that improved fragmentation or pre-crushing would result in ensuring the plant meets the original design capacity with potential for the grinding capacity of the SAG to be increased to the 40,000 tonnes per day range. This expansion would further strengthen the Copper Mountain Mine and ensure that it forms a strong and consistent base for the company's future. "
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