- Write by:
-
Wednesday, March 11, 2020 - 11:17:37 AM
-
572 Visit
-
Print
Mining News Pro - Canada’s Copper Mountain Mining became on Tuesday the latest company to adjust plans due to ongoing markets collapse and near-term copper price uncertainty as a result of the rapidly spreading coronavirus panic.
According to Mining News Pro - The Vancouver-based miner has revised its mine plan and schedule for its flagship asset, the Copper Mountain project in British Columbia, deferring a $22 million capital spend by delaying the installation of the third ball mill.
The company has also cut mining rates by about 25% to between 120,000 and 160,000 tonnes per day for the remainder of 2020, down from 200,000 t/d as part of a series of measures to reduce operating costs.
Copper Mountain Mining now expects to produce between 86 and 94 million pounds of copper during 2020, down from a previous estimate of between 100 and 113 million pounds.
“In periods of low metal prices such as today, we will be disciplined and orderly in our development and take a prudent approach to cash management,” president and chief executive, Gil Clausen, said in the statement. “We will not sacrifice the future of our mine by high-grading and deferring stripping that builds a liability in the future.”
Clausen noted that while the existing mine plan was sustainable longer term at current low copper prices, the company believed it was better to protect cash flow, adding that he expected prices to recover soon.
The news comes barely days after the company’s investor relations manager, Dan Gibbons, said Copper Mountain was on track to triple 2019 production in the next two years to reach more than 215,000 pounds annually.
Other than its open-pit project in BC, the dual-listed miner owns the permitted, development-stage Eva copper project in Queensland, Australia, and a 4,000 km2 prospective land package in the nearby Mount Isa area.
Short Link:
https://www.miningnews.ir/En/News/500391
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
No comments have been posted yet ...