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.