NEW YORK Copper Mountain
Mining Corp.s full-year net income jumped in 2012 vs. a
year earlier due to higher copper output.
The Vancouver, British
Columbia-based company posted net income of Canadian $27.4
million ($26.8 million) in 2012 vs. a C$14.7-million net loss
in 2011, as copper output more than doubled to 56.6 million
pounds from 22.1 million pounds. Full-year revenue more than
tripled to C$229.5 million ($224.5 million) from C$66.5 million
in 2011 as the company completed 13 shipments containing about
59.1 million pounds of copper, 19,900 ounces of gold and
402,000 ounces of silver.
Fourth-quarter net income fell
to C$2.4 million ($2.3 million) from C$8.1 million despite
revenue that rose to C$50.1 million ($49 million) from C$44.7
million in the same quarter a year earlier on copper production
that rose to 13.8 million pounds from 12.4 million pounds.
Mill availability continues to
improve this year. "We have been challenged with mill
availability and throughput tonnage in the mill for a majority
of 2012, but are very pleased to report that our efforts are
paying off. Although we ended the year with an 82-percent
availability in the mill, we have since seen significant
improvements in availability as we achieved 93-percent
availability in February 2013," president and chief executive
officer Jim ORourke said in a statement.
The mill isnt meeting its
targeted tonnage throughput due to the variability in ore
hardness and fragmentation entering the mill from various
open-pit locations, the company said.
"The mill is still challenged to
consistently make designed tonnage when receiving only Pit No.
3 ore as it is very hard, and we are now testing additional
explosives to increase fragmentation of the ore and are
evaluating the installation of a secondary crusher to pre-crush
the ore entering the sag mill," ORourke said.