Ahead of a quarterly conference call on Friday, Copper Mountain Mining Corp. (TSX: CMMC) released production results from the first quarter of 2018, showing metal output at the company’s Copper Mountain Mine south of Princeton, British Columbia is on track to meet management’s guidance for the full year. CMMC owns 75% of the open-pit mine, with Mitsubishi Materials Corporation owning the remaining 25%.
Despite what president and CEO Jim O’Rourke described as "abnormally high snow fall causing some challenges in the pit" and a small power supply outage, the Vancouver-based company reported 23.2 million pounds of copper equivalent for the quarter. The output kept the company on pace for its 2018 goal of producing 80 million pounds of copper.
The total for the quarter was broken down into 19.9 million pounds of copper, 6,070 ounces of gold, and 77,900 ounces of silver.
The average milling rate for the quarter was 38,800 tonnes per day, working out to 3.5 million tonnes milled for the quarter at an average head rate of 0.328% copper. The effect of snow was felt in mining material, which averaged 184,300 tonnes per day, about 3% short of guidance to collect 190,000 tonnes each day.
Complete results for the quarter will be released before the market opens on Friday, April 27, with the conference call scheduled for 7:30 a.m. Pacific Time.
Shares of CMMC are trading ahead two cents to $1.24 as the noon hour approached in Toronto.
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