Copper Mountain Mining Corporation - President & CEO, Gil Clausen.
President & CEO, Gil Clausen.
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  • Copper Mountain Mining Corporation (CMMC) reported an increased mineral reserves and resources estimate with a revised life of mine plan for its Copper Mountain Mine
  • The life of mine has extended to 32 years with a 65,000 tonnes per day production rate
  • It has an after-tax net present value at an 8.00 per cent discount rate of US$1.24 billion, and an all-in cost of $1.76 per pound of copper
  • The company expects annual average production of 138 million pounds of copper equivalent, and the expansion is projected to begin in 2028
  • Copper Mountain Mining Corporation (CMMC) is up 9.23 per cent, trading at $1.42 per share as of 12:23 p.m. ET

Copper Mountain Mining Corporation (CMMC) reported an increased MRE with a revised life of mine plan for its Copper Mountain Mine in B.C.

The company stated its new life of mine plan, based solely on mineral reserves, supported an updated mill expansion scenario to 65,000 tonnes per day rate. It will produce a total of 4.1 billion pounds of copper equivalent over an extended mine life of 32 years.

The mine has an after-tax net present value at an 8.00 per cent discount rate of US$1.24 billion and an all-in cost of $1.76 per pound of copper.

To break it down, the measured and indicated resources increased by70 per cent to 5.5 billion pounds of copper, 68 per cent to 3.4 million ounces of gold, and 62 per cent to 23.4 million ounces of silver.

The proven and probable reserves estimate increased by 57 per cent to 3.7 billion pounds of copper, 54 per cent to 2.3 million ounces of gold, and 49 per cent to 16.0 million ounces.

The company expects an annual average production rate of 138 million pounds of copper equivalent, and the expansion is projected to begin in 2028.

Gil Clausen, Copper Mountain’s President and CEO, commented,

“Increasing plant capacity to [65,000 tonnes per day] requires only modest initial development capital, which is self-funded with mine cash flow… not only is the Copper Mountain Mine able to fund capital required over the life of mine but it is also expected to generate significant free cash flow beyond these requirements.”

Copper Mountain Mining Corporation (CMMC) is up 9.23 per cent, trading at $1.42 per share as of 12:23 p.m. ET.


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