Copper Mountain Mining Announces Q1 2017 Financial Results
(firmenpresse) - Copper Mountain Mining Announces Q1 2017 Financial Results
Vancouver, British Columbia - April 25, 2017 - Copper Mountain Mining Corporation (TSX: CMMC) (the Company or Copper Mountain) announces first quarter revenues of $74.1 million after pricing adjustments and treatment charges from the sale of 19.0 million pounds of copper, 6,000 ounces of gold, and 64,000 ounces of silver. Total cash cost for the quarter ended March 31, 2017 was US$1.86 per pound of copper sold, net of precious metals credits.
Highlights (100% Basis)
- Sales for the quarter were $74.1 million from four shipments of concentrate containing 19.0 million pounds of copper, 6,000 ounces of gold, and 64,000 ounces of silver, net of pricing adjustments.
- Gross profit for the quarter was $11.2 million.
- EBITDA was $22.8 million for the quarter, compared to $34.0 million in the same quarter for 2016.
- Cash flow from operating activities before working capital changes was $20.8 million.
- Cash and cash equivalents were $30.1 million at the end of the quarter.
- Site cash costs for the 2017 first quarter were US$1.36 per pound of copper produced net of precious metal credits.
- Total cash costs for the period were US$1.86 per pound of copper sold net of precious metal credits and after all off-site charges.
- Realized prices on metal sales were US$2.65 per pound of copper, US$1,217 per ounce of gold and US$17.30 per ounce of silver.
Summary Financial Results
Three months
ended
March 31,
(In thousands of CDN$, other than per 2017 2016
share and per pound $ $
amounts)
Revenues 74,096 58,726
Cash Flow from operating activities before 20,843 15,161
working capital
items
Gross profit 11,211 1,564
Operating income (loss) 7,971 (450)
Net income 7,492 19,098
Net income per share $0.04 $0.11
EBITDA 22,819 34,002
Adjusted EBITDA 16,030 7,194
Cash and cash equivalents 30,126 1,761
Accounts Receivable 26,044 16,865
Working capital (incl. $30,745 due to (7,165) (13,946)
related party (2016 -
$13,724)
Equity 203,460 195,348
Copper produced (000s lbs) 18,100 19,000
Gold produced (oz) 5,900 7,600
Silver produced (oz) 64,300 64,700
Copper sold (000s lbs) 19,000 18,100
Gold sold (oz) 6,000 6,900
Silver sold (oz) 64,000 61,200
Site cash costs per pound of copper 1.36 1.16
produced (net of gold, silver credits)
(US$)
Total cash costs per pound of copper sold 1.86 1.61
(net of gold, silver credits)
(US$)
Realized Copper Price (US$) 2.65 2.10
During the period the Company recognized revenues of $74.1 million, net of pricing adjustments and treatment charges based on an average realized copper price of US$2.65 per pound; compared to revenues of $58.7 million net of pricing adjustments and an average copper price of US$2.10 per pound for the period ended March 31, 2016. Gross profit for the quarter was $11.2 million as compared to a gross profit of $1.6 million for the period ended March 31, 2016. The increase in revenues and gross profit for Q1 2017 is due to the increase in the sales price of copper along with more pounds of copper being sold as compared to the same period in 2016.
The Company reported net income of $7.1 million or $0.04 per share for the three months ended March 31, 2017, compared to net income of $18.9 million or $0.11 per share for the three months ended March 31, 2016. The decrease in net income for the current quarter compared to the same quarter in 2016 is largely attributable to the non-cash unrealized foreign exchange gain of $25.1 million in 2016 that was related to the Companys US dollar denominated debt.
Site cash costs were US$1.36 per pound of copper produced and total cash costs were US$1.86 per pound sold, net of precious metal credits for the three months ended March 31, 2017; compared to site cash costs of US$1.16 per pound of copper produced and total cash costs of US$1.61 per pound of copper sold, net of precious metal credits for the three months ended March 31, 2016. The increase in site costs for the three months ended March 31, 2017 as compared to the three months ended March 31, 2016 are the result of a 4% increase in power costs, an increase in the cost of fuel, an increased use of more expensive wet hole explosives due to wet drill hole condition in the area of the pit mined during the quarter, and the timing of mine and mill maintenance projects.
Listed below is a summarized balance sheet and income statement as well as details for our conference call schedule:
Summarized Balance Sheet
(In thousands of Canadian dollars)
March December
31, 31,
2017 2016
$ $
Assets
Cash 30,127 31,409
Accounts Receivable and 26,044 26,048
prepaids
Inventory 52,355 48,465
Property, plant and 451,053 463,080
equipment
Other Assets 84,929 78,788
644,508 647,790
Liabilities
Accounts payable and 32,832 36,488
accrued
liabilities
Amounts payable to related 30,745 22,653
parties
Current portion of 51,740 46,415
long-term
debt
Electricity deferral 11,058 15,385
Tax liability 371 1,157
Decommissioning and 6,474 6,312
restoration provision
Interest rate swap liability4,317 4,088
Long-term debt 303,508 319,759
441,045 452,257
Equity
Share capital 194,588 194,208
Contributed surplus 15,206 14,733
Retained earnings (deficit) (68,933)(73,656)
Non-controlling interest 62,602 60,208
Total equity 203,463 195,533
644,508 647,790
Summarized Income Statement
(In thousands of Canadian dollars, other Three months ended
than per share and per pound March 31,
amounts)
2017 2016
$ $
Revenues 74,096 58,726
Cost of sales Cost of sales consists of (62,885) (57,162)
direct mining and milling costs (which
include
mine site employee compensation and benefits,
mine site general and administrative costs,
non-capitalized stripping costs,
maintenance and repair costs, operating
supplies and external services),
depreciation and offsite
transportation
costs.
Gross profit 11,211 1,564
Other income and expenses
General and administration (2,682) (1,780)
Exploration and evaluation (35) -
Share based compensation (523) (234)
Operating income 7,971 (450)
Pricing adjustments on concentrate and metal (3,976) (4,226)
sales
Finance income 145 97
Finance expense (3,437) (3,131)
Current resource tax expense (375) (170)
Adjusted earnings Adjusted earnings (loss) 328 (7,880)
is a non-GAAP financial measure which
excludes unrealized gains/losses on
derivative instruments, changes in
fair
value of financial instruments, foreign
currency
gains/losses
, pricing adjustments related to metal sales
and non-recurring
transactions
.
Pricing adjustments on concentrate and metal 3,976 4,226
sales
Unrealized loss on interest rate swap (358) (2,566)
Unrealized gain on foreign exchange 3,171 25,148
Net income and comprehensive income for the 7,117 18,928
period
Net income and comprehensive income
attributable
to:
Shareholders of the company 4,723 13,617
Non-controlling interest 2,394 5,311
7,117 18,928
Earnings per share $0.04 $0.11
Adjusted earnings per share $0.00 ($0.07)
The full set of financial statements and accompanying MD&A are posted on Sedar.com.
About Copper Mountain Mining Corporation:
Copper Mountains flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential will be explored over the next few years in order to fully appreciate the propertys full development potential. Additional information is available on the Companys web page at www.CuMtn.com.
The conference call and audio webcast will be held on Tuesday, April 25, 2017 at 7:30 am (Pacific Standard Time) and will be followed by a question-and-answer period with investors.
Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast live via your computer go to: http://event.on24.com/r.htm?e=1396431&s=1&k=67F97D9094AA01C7BA6587307E6DA50A
Replay call information
Toronto and international: 416-849-0833 Passcode: 95448533
North America (toll-free): 1-855-859-2056 Passcode: 95448533
The conference call replay will be available from 10:30 am (PST) on Tuesday, April 25, 2017, until 11:59 pm PST on Tuesday, May 9th, 2017.
Participant audio webcast will also be available on the companys website at http://www.cumtn.com Participant audio webcast will also be available on the companys website at http://www.cumtn.com
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
Rod Shier
Rodney A. Shier, CA.
Chief Financial Officer
For further information, please contact:
For further information, please contact:
Dan Gibbons, Investor Relations 604-682-2992 ext. 238 Email: Dan(at)cumtn.com
Rod Shier, Chief Financial Officer 604-682-2992 ext.222 Email: Rod(at)CuMtn.com
Website: www.CuMtn.com
Copper Mountain Mining Corporation
Suite 1700, 700 West Pender Street
Vancouver, BC V6C 1G8
Telephone: (604) 682-2992
Facsimile: (604) 682-2993
Web Site: www.CuMtn.com
TSX: CMMC
Note: 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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