Canada-based Mountain Mining Corporation has increased its copper guidance in 2021 by 22pc to 85mn-95mn lbs after it produced a record output in Q4 2020, the company said in the statement. The company expects an increase in copper production in 2021 as a result of higher grades and improved recoveries.
The company’s copper production in 2020 stood at 77.6mn lbs, exceeding its copper guidance of 70mn-75mn lbs.
In the fourth quarter of the year (Q4 FY20), the company’s copper output stood at 23.1mn lbs of copper, up by 22 from Q3 FY20 and by 23pc as compared to the prior-year period, achieving a record quarterly production.
The company said that the increase in copper production was a result of the higher copper grade. It is expecting the grade to remain strong in 2021 as well.
In Q3 2021, the company’s production is expected to rise after its rolling mills begin operations with an expanded daily capacity of 45,000mt.
The company is also planning to increase its daily production further by expanding its mill to 65,000mt per day in 2024.
The Copper Mountain mine is located in southern British Columbia near the town of Princeton and can currently produce approximately 100mn lbs of copper equivalent.