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Copper Mountain achieved record production in Q4 2020

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(Kitco News) - Copper Mountain Mining (TSX: CMMC) announced on Thursday that the Copper Mountain mine exceeded 2020 production guidance and achieved record quarterly production for copper, gold and silver in the fourth quarter.

The company said that its copper production for the fourth quarter of 2020 increased 22% from the third quarter of 2020 and 23% when compared to the fourth quarter of 2019. 

Production during the quarter was 23.1 million pounds of copper, 8,959 ounces of gold and 144,934 ounces of silver for a total production of 28.7 million copper equivalent pounds. 

Copper Mountain added that increased copper production was “a result of higher copper grade”. Grade is expected to remain strong in 2021.

In 2020, the Copper Mountain mine produced 77.6 million pounds of copper, exceeding guidance of 70 to 75 million pounds. Gold production was 29,227 ounces and silver production was 392,494 ounces. Copper equivalent production was 98.2 million copper equivalent pounds.

Based on the updated life of mine production plan announced on November 30, 2020, the company expects 2021 production to be 85 to 95 million pounds of copper as a result of higher grades and improved recoveries.

Copper Mountain's flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine currently produces approximately 100 million pounds of copper equivalent. 

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