Copper Mountain Mining is expecting better production in the fourth quarter and has kept its production guidance for 2020 unchanged between 70-75mn lbs (31,751–34,091mt).
The Canadian miner’s copper production in the first nine months of the year increased to 54.4mn lbs from 53.3mn lbs during the same period in 2019. Its Q3 2020 output rose to 18.9mn lbs from 16.3mn lbs in Q3 2019.
Copper sales in the January-September period were almost flat at 54.5mn lbs compared with 54.3mn lbs in the same timeframe last year, while Q3 sales increased to 17.8mn lbs from 17mn lbs in the same quarter last year.
The firm’s revenue in the first three quarters increased to C$235.6mn ($178mn) from C$214.7mn in the same nine months last year. Its revenue in Q3 2020 climbed to C$95mn from C$62.7mn in Q3 2019.
Copper Mountain’s adjusted EBITDA for the nine-month period rose to C$53.9mn from C$28.6mn in January- September 2019, while its adjusted EBITDA in the third quarter rose to C$33mn from C$1.7mn in Q3 2019.