Copper Mountain sells more copper, on target

Canadian miner Copper Mountain Mining sold 13pc more copper at higher realized prices in the second quarter than a year earlier.

Copper Mountain is on target to meet its production guidance for the year at 80mn lbs of copper.

Copper Mountain's sales rose to 19.9mn lbs in the latest quarter from 17.6mn lbs a year earlier. Realized prices rose to $3.12/lb from $2.58/lb.

Copper production at its flagship Copper Mountain mine in British Columbia rose to 20mn lbs in the latest quarter from 17.2mn lbs. Total cash costs per pound of copper produced rose to $1.80/lb from $1.74/lb.

Revenue rose to C$84.2mn ($64mn) in the latest quarter from C$67.1mn. Profit narrowed to C$2.2mn from C$7.2mn.

Copper Mountain is 75pc-owned by Copper Mountain Mining and 25pc-owned by Mitsubishi Materials.

Copper Mountain in April acquired Altona Mining, which is near its Cameron Copper project in Australia. Currently under exploration, the two projects will provide avenues for growth in the next several years.