ENP Newswire -
Release date- 02052014 -
First Quarter 2014 Highlights (100% Basis)
Total production for the 2014 first quarter at
Copper concentrate shipments of 39,100 wmt contained the sale of 19.8 million pounds of copper, 6,500 ounces of gold, and 98,600 ounces of silver.
Mill throughput averaged 29,300 tpd which was a 17% improvement from the same period last year.
Adjusted EBITDA1 was
Adjusted earnings were
Cash flows from operations was
Site cash costs for the 2014 first quarter were
Total cash costs for the period
Realized prices on metal sales were
The 2014 first quarter production results are in line with our annual production guidance of 80 -90 million pounds of copper, despite some unscheduled downtime in March. The operational highlights for this first quarter include better than expected grade, improved mill availability and steady progress in mill throughput. These combined factors contributed to record production during the quarter'.
During the period, the company completed a total of three shipments of concentrate containing approximately 19.7 million pounds of copper to
Mill crews completed repairs in a timely manner and identified the root cause of the transformer failure. A permanent solution has been identified and will be implemented across all six mill transformers over the next four months. During the quarter the mill averaged 91% availability.
A permanent secondary crusher is being installed at the site at a capital cost of
Mining activities continued to shift more towards Pit 3 during the quarter and mining in the Pit 2 area shifted more towards the southwest end of the Pit. During the quarter a total of 13.6 million tonnes of material was mined, including 4.1 million tonnes of ore and 9.5 million tonnes of waste. The mine moved an average of approximately 160,000 tonnes of material per day. The
Copper Mountain's flagship asset is the Copper Mountain mine located in southern
The 18,000 acre site has a large resource of copper that remains open laterally and at depth. The mine has significant exploration potential that will need to be explored over the next few years to fully appreciate the properties full development potential. Additional information is available on the Company's web site at www.CuMtn.com.
A conference call and audio webcast will be held on
Replay call information
The conference call replay will be available from
Participant audio webcast will also be available on the company's website http://www.cumtn.com
Chief Financial Officer
This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement.
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