View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 27, 2021

Copper Mountain Mining reports record revenues in Q1 2021

Copper Mountain Mining has reported revenues of $130.4m (C$162.2m) in the first quarter of this year, compared with $39.89m (C$49.6m) in the same period last year.

Copper Mountain Mining has reported revenues of $130.4m (C$162.2m) in the first quarter of this year, compared with $39.89m (C$49.6m) in the same period last year.

Free Whitepaper
img

Mining Mega Trends and Their Impact to your Organisation's Resilience

Numerous mega trends are impacting the mining industry, making an effective resilience program more important than ever to ensure that operations continue as intended. From ESG considerations, through to the use of advanced technologies such as Internet of Things devices, AI, and digital twins, as well as workplace safety, volatility in commodity markets, and the spectre of Covid-19 still looming. Each mega trend has a different impact that needs managing correctly, with a one-size-fits-all approach insufficient. This white paper identifies the mega trends affecting mining businesses, while exploring the opportunities, risks, and implications for operational resilience, with expert insight from Dynamiq on the best practices and approaches to improve business outcomes. Download this document to learn more.  
by Dynamiq
Enter your details here to receive your free Whitepaper.

Increased sales and metal prices contributed to the significant increase in revenue.

The company noted that the revenue for the first quarter is based on the sale of 27.5 million pounds (Mlb) of copper, 8,553oz of gold and 161,657oz of silver, as well as an average realised copper price of $3.90 per pound.

During the quarter, Copper Mountain Mining reported a record gross profit of $77.45m (C$96.3m) and cash flow from operations of $64.02m (C$79.6m).

Cash and cash equivalents at the end of the quarter stood at $110.2m (C$137.1m), representing an increase of $41.42m (C$51.5m) from the end of the fourth quarter of last year and an $81.15m (C$100.9m) rise from the end of the first quarter of the same year.

Copper Mountain Mining president and CEO Gil Clausen said: “As a result of our record first quarter and the expected continued strong production throughout the year, we expect production to be in the upper half of our annual production range of 85Mlb to 95Mlb of copper.

“The $201m (C$250m) bond financing completed in April allows the company to retire all of its previous restrictive debt and access 100% of excess cash to fund the organic growth plans of the company.

“Our vision is to triple our company’s annual production rate from 2020 levels in the next five years from the development of our low cost and high ROIC project pipeline.”

During the first quarter, copper recovery was 80.2% as compared to 75.3% in the same quarter last year.

The cost of sales stood at $53m (C$65.9m) as compared with $51.87m (C$64.5m). Net income of $41.9m (C$52.1m) was reported in the quarter as compared with a net loss of $34.9m (C$43.4m) in the previous year first quarter.

On an adjusted basis, Copper Mountain Mining recorded a net income of $26.86m (C$33.4m) during the first quarter of this year compared to $1.12m (C$1.4m) last year.

Related Companies

Free Whitepaper
img

Mining Mega Trends and Their Impact to your Organisation's Resilience

Numerous mega trends are impacting the mining industry, making an effective resilience program more important than ever to ensure that operations continue as intended. From ESG considerations, through to the use of advanced technologies such as Internet of Things devices, AI, and digital twins, as well as workplace safety, volatility in commodity markets, and the spectre of Covid-19 still looming. Each mega trend has a different impact that needs managing correctly, with a one-size-fits-all approach insufficient. This white paper identifies the mega trends affecting mining businesses, while exploring the opportunities, risks, and implications for operational resilience, with expert insight from Dynamiq on the best practices and approaches to improve business outcomes. Download this document to learn more.  
by Dynamiq
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology