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Copper Mountain announces 2013 year end results

February 20, 2014

     ___________________________________________________________________
    |This release should be read with the unaudited financial statements|
    |and management's discussion and analysis available at              |
    |www.cumtn.com and filed on      |
    |www.sedar.com. Our financial    |
    |results are prepared in accordance with IFRS and expressed in      |
    |Canadian dollars, unless otherwise noted. Sales and production     |
    |volumes for the Company's 75%-owned Copper Mountain mine are       |
    |presented on a 100% basis unless otherwise indicated.              |
    |___________________________________________________________________|

Web Site: www.CuMtn.com

TSX: CUM

VANCOUVER, Feb. 20, 2014 /PRNewswire/ – Copper Mountain Mining Corporation (TSX: CUM) (the “Company” or “Copper Mountain”) announces revenues of $233.1 million after pricing adjustments and
treatment charges for the year ended December 31, 2013 from the sale of
64.8 million pounds of copper, 24,200 ounces of gold, and 301,300
ounces of silver.

     _____________________________________________________________________
    |                        Year End 2013 Highlights (100% Basis)        |
    |_____________________________________________________________________|
    |    --  Total production for the 2013 fiscal year at Copper Mountain |
    |        Mine (100%) was 66.2 million pounds of copper, 21,600 ounces |
    |        of gold and 320,400 ounces of silver. This represents a 17%  |
    |        growth in copper production and a 14% growth in gold         |
    |        production from 2012.                                        |
    |    --  Gross profit for the year was $31.0 million.                 |
    |    --  Mining activities continued to improve during the year,      |
    |        exiting 2013 at a rate of 165,600 TPD mined.                 |
    |    --  Milling activities continued to improve - Average throughput |
    |        rate was nearly 33,000 tonnes per day (tpd) and mill         |
    |        availability was 95% for the month of December 2013          |
    |    --  EBITDA1and Adjusted EBITDA2were $40.5 million and $58.5      |
    |        million for the fiscal year respectively.                    |
    |    --  Adjusted earnings per share were $14.5 million or $0.15 per  |
    |        share                                                        |
    |    --  Site cash costs for the year was US$1.70 per pound of copper |
    |        produced net of precious metal credits.                      |
    |    --  Total cash costs for the year was US$2.22 per pound of copper|
    |        sold net of precious metal credits and after all off- site   |
    |        charges.                                                     |
    |    --  Realized prices on metal sales for 2013 was $3.25 per pound  |
    |        of copper, $1,340 per ounce of gold and $21.75 per ounce of  |
    |________silver.______________________________________________________|

____________________________

(1) EBITDA represents earnings before interest, income taxes and
depreciation

(2) Adjusted EBITDA removes unrealized gains/ losses on derivative
instruments and foreign exchange gains/ losses

Jim O’Rourke, President and CEO of Copper Mountain, remarked “The mine achieved record production in 2013 and ended the year on a
strong note. Copper production grew by 17% from the prior year and was
within guidance. The mine delivered improving operational results
quarter over quarter in production, throughput, and mill availability.”

Mr. O’Rourke continued, “Looking forward, we see the next twelve months as a period of growth. We
are forecasting a 25% growth in copper production in 2014 with the
installation of the secondary crusher in mid summer. I am confident
that we will exit 2014 a much stronger company as we focus on
operational improvements and delivering strong results as we rebuild
our credibility to prepare for exciting future developments.


                                      Summary Financial Results

                           Three months ended                    Year ended

                                 December 31,                  December 31,

    (CDN$, except          2013          2012           2013           2012
    for cash cost
    data in US$)              $    (restated)              $     (restated)

                                            $                             $

    Revenues         64,714,231    50,086,260    233,122,274    229,473,610

    Gross profit      8,234,296    10,327,657     31,033,666     55,622,509
    (loss)

    Operating         6,719,364     8,985,058     25,498,442     48,914,599
    income (loss)

    Adjusted          4,724,691     7,156,459     14,544,023     40,984,085
    earnings
    (loss)3

    Net Income      (4,145,430)     2,138,226    (3,414,357)     40,473,360
    (loss)

    Earnings        (2,803,695)     2,020,058    (3,245,051)     29,564,958
    (loss)
    attributable
    to
    shareholders
    of the
    Company

    Adjusted               0.05          0.07           0.15           0.42
    earnings
    (loss) per
    share4

    Earnings             (0.03)          0.02         (0.03)           0.30
    (loss) per
    share5

    EBITDA            6,594,093    10,803,652     40,501,071     74,660,552

    Adjusted         15,464,214    15,821,885     58,459,451     75,171,277
    EBITDA

    Cash and cash                                 42,281,137     24,300,790
    equivalents

    Working                                       42,649,596     10,676,254
    capital

    Equity                                       288,500,630    257,056,502

    Copper           18,600,000    13,780,000     66,200,000     56,600,000
    produced
    (lbs)

    Gold produced         4,300         5,800         21,600         18,900
    (oz)

    Silver              105,800        66,700        320,400        354,000
    produced (oz)

    Copper sold      18,492,000    13,185,000     64,841,000     59,122,000
    (lbs)

    Gold sold             6,600         5,200         24,200         19,900
    (oz)

    Silver sold          89,000        71,600        301,300        402,000
    (oz)

    Site cash              1.68          1.65           1.70           1.59
    costs per
    pound of
    copper
    produced (net
    of gold,
    silver
    credits)
    (US$)

    Total cash             2.19          2.13           2.22           2.09
    costs per
    pound of
    copper sold
    (net of gold,
    silver
    credits)
    (US$)

____________________________

(3) Adjusted earnings (loss) and adjusted earnings (loss) per share are
non-GAAP financial measures which remove unrealized gains/losses on
interest rate swaps and unrealized foreign currency gains/losses.

(4) Calculated based on weighted average number of shares outstanding under
the basic method based on adjusted earnings.

(5) Calculated based on weighted average number of shares outstanding under
the basic method based on earnings attributable to shareholders.

Copper Mountain Mine

During the year, the company completed twelve shipments of concentrate
containing approximately 64.8 million pounds of copper to Japan for
smelting and recorded revenues, net of smelter charges and pricing
adjustments, of $233.1 million, realizing a gross profit of $31.0
million. The total cash cost of copper sold for the year ended
December 31, 2013 was US$2.22 per pound of copper after gold and silver
by-product credits.

Mining activities continued in the Pit #3 and Pit#2 areas throughout
2013. A total of 56.7 million tonnes of material was mined, including
16.6 million tonnes of ore and 40.1 million tonnes of waste at an
average mining rate of 165,600 tpd moved during 2013. The ore grade
averaged 0.35% Copper for the year. Site cash costs were $1.72 per
pound of copper after gold and silver by-product credits.

The mine exited the year on a positive note with the mill availability
averaging 95% and copper production of 6.9 million pounds for the month
of December. Mine production was 18,600 million pounds of copper, 4,300
ounces of gold, and 105,800 ounces of silver during the three months of
operations ended December 31, 2013. This brought production for the
twelve months ended December 31, 2013 to 66.2 million pounds of copper,
21,600 ounces of gold and 320,400 ounces of silver.

Mill throughput from the 35,000 tpd designed concentrator was improved
significantly during 2013. During the first quarter of 2013 SAG mill
throughput was averaging just over 24,900 tpd, and by year end had
increased to an average of 32,767 tpd during the month of December
2013. This improvement in mill throughput tonnage during the year was
a direct result of the resolution of a number of supplier related
equipment issues that saw plant availability improve from a low of 86%
in early 2013 to a high of 95% for the month of December 2013.
However, the main reason for the increased SAG mill throughput and mill
production is a result of the temporary portable crushing measures
taken by the Company during the year. At the start of the year the
Company increased the powder factor in the blasting of ore to increase
the fragmentation and create more fines in the feed to the SAG Mill.
By year end, the Company had added three independent portable crushing
plants along the conveyor route to the SAG Mill at a cost of
approximately $1.3 million per month. By year end these facilities
collectively were able to crush approximately 10,000 tpd of ore to
minus 2 inch size for the SAG Mill feed and resulted in increased mill
throughput and copper production for the year. Copper production
increased from 14.2 million pounds of copper in the first quarter to
18.6 million pounds of copper in the last quarter of 2013.

Listed below are a summarized balance sheet and income statement as well
as conference call in details:


    Summarized Balance Sheet

                                              December 31, December 31,
                                                      2013         2012
                                                         $ (restated) $

    Assets                                                             

    Cash                                        42,281,137   24,300,790

    Accounts Receivable and prepaids            17,953,700   15,352,990

    Inventory                                   26,789,416   20,874,281

    Property, plant and equipment              531,890,214  541,607,854

    Other Assets                                44,166,934   29,684,388

                                               663,081,401  631,820,303

    Liabilities                                                        

    Current liabilities                         44,374,657   49,851,807

    Decommissioning and restoration provision    6,245,963    6,997,883

    Interest rate swap liability                 6,364,019   10,980,888

    Long-term debt                             311,241,671  304,178,343

    Deferred tax liability                       6,354,461    2,754,880

                                               374,580,771  374,763,801

    Equity                                                             

    Share capital                              186,291,105  157,942,209

    Contributed surplus                          9,662,977    9,469,280

    Retained earnings (deficit)                 15,292,029   18,537,080

    Non-controlling interest                    77,254,519   71,107,933

    Total equity                               288,500,630  257,056,502

                                               663,081,401  631,820,303


                                     Summarized Income Statement

                             Three months ended                  Year ended
                                   December 31,                December 31,

    (CDN$)                    2013        20126          2013         20129
                                 $            $             $             $

    Revenues            64,714,231   50,086,260   233,122,274   229,473,610

    Cost of sales7    (56,479,935) (39,758,603) (202,088,608) (173,851,101)

    Gross profit         8,234,296   10,327,657    31,033,666    55,622,509

    Other income and
    expenses

    General and        (1,514,514)    (797,283)   (5,493,368)   (4,252,973)
    administration

    Share based              (418)    (545,316)      (41,856)   (2,454,937)
    compensation

    Operating income     6,719,364    8,985,058    25,498,442    48,914,599

    Pricing              (185,387)    1,878,416     1,031,760     1,641,593
    adjustments on
    concentrate and
    metal sales

    Finance income         171,365      314,886       387,438     1,571,489

    Finance expense    (2,390,128)  (2,316,055)   (8,773,795)   (8,388,716)

    Current resource       602,290    (252,186)     (632,750)   (1,301,220)
    tax expense

    Deferred income      (192,813)  (1,453,660)   (2,967,072)   (1,453,660)
    and resource tax
    recovery

    Adjusted             4,724,691    7,156,459    14,544,023    40,984,085
    earnings8

    Pricing                185,387  (1,878,416)   (1,031,760)   (1,641,593)
    adjustments on
    concentrate and
    metal sales

    Unrealized gain       (57,270)    (394,705)     2,217,428   (3,654,594)
    (loss) on
    interest rate
    swap

    Unrealized gain    (8,998,238)  (2,745,112)  (19,144,048)     4,785,462
    (loss) on foreign
    exchange

    Net income (loss)  (4,145,430)    2,138,226   (3,414,357)    40,473,360
    and comprehensive
    income (loss) for
    the period

    Net income (loss)
    and comprehensive
    income (loss)
    attributable to:

    Shareholders of    (2,803,695)    2,020,058   (3,245,051)    29,564,958
    the company

    Non-controlling    (1,341,735)      118,168     (169,306)    10,908,402
    interest

                       (4,145,430)    2,138,226   (3,414,357)    40,473,360

    Earnings (loss)         (0.03)         0.02        (0.03)          0.30
    per share

    Adjusted earnings         0.05         0.07          0.15          0.42
    per share

____________________________

(6) 2012 comparatives have been adjusted for application of IFRIC 20 and
change in accounting policy related to inventory cost allocation.

(7) Cost of sales consists of 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.

(8) Adjusted earnings (loss) 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.

The full set of financial statements and accompanying MD&A are posted on
Sedar.com.

About Copper Mountain Mining Corporation:

Copper Mountain’s flagship asset is the 75% owned 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 the remaining 25%. The Copper Mountain mine commenced
production in the latter half of 2011, and has continued to improve its
operations during the year. The 18,000 acre site has a resource of
approximately 5 billion pounds of copper and remains open laterally and
at depth. The mine has significant exploration potential that will need
to be explored over the next few years to fully appreciate the
properties full development potential. Additional information is
available on the Company’s new web page at www.CuMtn.com.

     _______________________________________________________________________________________________________________________________
    |Copper Mountain will host a conference call on Friday, February 21st, 2014 at 10:30 a.m. Eastern Time (7:30 a.m. Pacific Time) |
    |to discuss the 2013 year end results. The conference call may be accessed by dialing:                                          |
    |                                                                                                                               |
    |Live Dial-in information                                                                                                       |
    |Toronto and international:   416-764-8688                                                                                      |
    |North America (toll-free):   888-390-0546                                                                                      |
    |To participate in the webcast live via your computer go to:                                                                    |
    |http://www.newswire.ca/en/webcast/detail/1299285/1433551|
    |                                                                                                                               |
    |Replay call information                                                                                                        |
    |Toronto and international:   416-764-8677,  passcode  050882                                                                   |
    |North America (toll-free):   888-390-0541,  passcode  050882                                                                   |
    |                                                                                                                               |
    |The conference call replay will be available from 10:30 am (PST) on February 21st, 2014, until 11:59 pm PST on February 28th,  |
    |2014                                                                                                                           |
    |Participant audio webcast will also be available on the company's website                                                      |
    |http://www.cumtn.com                                                                        |
    |_______________________________________________________________________________________________________________________________|

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

“Rod Shier”

Rodney A. Shier, CA.

Chief Financial Officer

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.

SOURCE Copper Mountain Mining Corporation


Source: PR Newswire



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