Copper Mountain Mining Corporation
Copper Mountain Mining Corporation
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Canadian miner Copper Mountain is on the way back to stabilised operations at its 75%-owned namesake mine in British Columbia following the Dec 27 ransomware attack that led to it shutting down plant operations.
The primary crusher resumed operations on Jan 1 and the mill restored full production three days later. The company drew on mine inventory to maintain its copper concentrate shipping schedule.
Canadian miner Copper Mountain has shut down the mill and switched to manual processes where possible at its namesake mine in BC after coming under a ransomware attack on its IT systems late on Dec 27.
CMM says the mill closure is a preventative measure while it assesses if the attack has affected its control system.
The company implemented risk management systems and protocols, with further risk assessments and additional safeguards being assessed by external and internal IT teams.
Lower grades and mill throughput have seen Canadian miner Copper Mountain Mining lower Sept qtr (Q3FY2022) production from its namesake mine in southern BC to 13.16Mlb copper (Q2: 13.25Mlb), 6,053oz gold (5,792oz) and 64,331oz silver (61,628oz).
AISC rose to $US4.50/lb ($3.65/lb), compared to its average realised price of $3.52/lb ($4.18/lb), resulting in net loss of $39.4M ($5.3M).
South African-based Harmony Gold Mining reached agreement on the $230M acquisition of the Eva copper-gold project from Canadian owner Copper Mountain Mining, diversifying its commodity range and risk profile.
South African-based international company Harmony Gold Mining has hailed as "transformational" its $US260M agreement to acquire a near-development mine and extensive copper exploration landholdings in Queensland, Australia.
Harmony says its acquisition of the Eva project from Copper Mountain Mining will add near-term copper to its production profile plus excellent growth potential.
CEO Peter Steenkamp says it opens a new copper-gold frontier within a highly attractive mining area.
With its British Columbian namesake mine growing production to 138Mlbpa copper equivalent, Copper Mountain Mining has agreed to sell its development-stage Eva project and nearby copper exploration holdings in Australia for $US230M.
The definitive agreement with South African-based Harmony Gold Mining comes five months after CMM dismissed what it called "media speculation" on a deal.
Harmony will pay $170M upfront plus $60M in contingent payments for Eva and 2,100sqkm exploration tenements about 100km NE of Mt Isa, Qld.
Canadian miner Copper Mountain Mining has completed a reserves update and a revised life of mine promising higher production and longer life for its 75%-owned namesake mine in southern BC.
CMM posted a 57% in proved and probable reserves to 702.4Mt @ 0.24% for 3.7Mlb copper, 0.1g/t for 2.3Moz gold and 0.71g/t for 16Moz silver.
The new LOM plan supports a mill expansion that will lift average production to 138Mlbpa copper equivalent over a mine life of 32 years.
Canadian miner Copper Mountain has met the challenges of lower ore grades and crushing circuit throughput to post June qtr (Q2FY2022) production at its namesake BC mine to 16.1Mlb (15.6Mlb) copper equivalent, comprising 13.25Mlb (Q1: 13.22Mlb) copper, 5,792oz (5,135oz) gold and 61,628oz (55,993oz) silver.
AISC was $US3.65/lb Cu ($4.45/lb). Q2 revenue was $C59.1M ($93.9M), delivering net loss of $5.3M ($4.2M).
Canadian-based miner Copper Mountain Mining has put a dampener on “media speculation” of a possible transaction related to its 100%-owned, development-stage Eva copper and gold project in Qld, Australia.
Noting that it does not as a policy comment on speculation, and regularly reviews strategic opportunities to enhance shareholder value, CMM says there are no pending transactions for the project.
Lower mill head grade and lower throughput due to a damaged secondary crusher have resulted in a substantial fall in March qtr (Q1FY2022) production for Canadian producer Copper Mountain Mining.
The Copper Mountain mine in BC delivered 13.22Mlb copper, 5,135oz gold and 55,993oz silver in Q1, down from 16.7Mlb Cu, 5,472oz Au and 80,377oz Ag in the previous period.