- Copper Mountain Mining Corporation (TSX:CMMC) has announced its results for the first quarter, with the company stating COVID-19 has not affected results
- The junior miner revised its mining plan early to accommodate COVID-19 related regulatory requirements
- The company was fully compliant with regulatory advice including reducing man hours on site and implementing social distancing protocols
- Copper Mountain made a C$0.17 per share loss in the quarter, primarily due to variance in the Canadian dollar, as it pays off its debt in US dollars
- Before the market opens, Copper Mountain Mining (CMMC) is trading at $0.44 per share, with a market cap of $84 million
Copper Mountain Mining Corporation (TSX:CMMC) has released its first quarter financials, with the company stating COVID-19 has not affected the results.
Copper Mountain revised their mining plan in early March to accommodate COVID-19 related regulations, including social distancing on sites, reduced man hours, reduced crew numbers, etc.
Revenue for the quarter totalled C$49.6 million. This amounted to a loss of $0.17 per share for the quarter, primarily due to the inclusion of non-cash foreign exchange loss equating to $0.14 per share related to the company’s debt which is traded in US dollars. Adjusted for this offset, earnings just squeaked into a profit of $0.01 for the quarter.
Production totalled 21.8 million pounds of copper equivalent, made up of 17.5 million pounds of copper, 6,139 ounces of gold and 80,016 ounces of silver.
All in sustaining production cost of production for Copper Mountain were approximately three dollars per pound.
Copper Mountain’s CEO Gil Clausen said the results highlighted the company’s ability to perform during the COVID-19 pandemic.
“We rapidly responded to the potential market impacts of COVID-19 in early March with our announcement of a revised mine plan in light of copper price uncertainty.
“While this mine plan has now been fully implemented and the company is efficaciously reducing expenditures, unit costs remained higher in the early part of the quarter as we were still operating under the previous mine plan,” he said.
The junior miner also secured a deal with Mitsubishi Materials Corporation to extend the maturity of the company’s funding advances out to June 30, 2023. This has boosted Copper Mountain’s working capital by $135 million for the three-year period.
Before the market opens, Copper Mountain Mining (CMMC) is trading at $0.44 per share, with a market cap of $84 million.