In its third quarter earnings report, Copper Mountain Mining Corp. said its mine in southern British Columbia produced 20.4 million lb of copper. Concentrate shipped during the quarter contained approximately 21.9 million lb of copper, plus gold and silver, generating an estimated $60 million in gross revenue. The mill achieved an average record throughput of 37,400 metric tons per day (mt/d) during the quarter, an increase of 22% over the same period of 2014. The ore grade averaged 0.35% copper for the quarter.
“The mill averaged 39,100 mt/d for the month of July,” said Jim O’Rourke, president and CEO of Copper Mountain. “This record throughput has contributed to the strong third quarter production. Management remains fully focused on operational improvements and cost savings to ensure we are successful in addressing current global conditions. Adaptive mine plans for 2016 are being optimized to further strengthen our operating base and ensure our long-term success.”
Mining activities continued to focus on the southwest end of Pit 2 and the northwest end of Pit 3. Approximately 85% of the ore mined during the quarter came from the Pit 2 area. During the quarter, the company received approval for various permit amendments, including adding the Virginia pit to the mine plan, which has a higher-than-average head grade. Site personnel are advancing mining in the Virginia area for ore delivery in the fourth quarter, and are implementing other flexible mine plan initiatives to further reduce costs and maximize cash flow. During the quarter, a total of 14.7 million mt of material was mined, including 5.4 million mt of ore and 9.3 million mt of waste, resulting in a strip ratio of 1.73:1. The mine moved an average of approximately 172,800 mt of material per day during the quarter.