Copper Mountain Mining Corporation has issued its financial results for the fourth quarter and full-year 2022, recording a revenue of $99 million for the quarter and $330.52 million for the year.
The company reported a $149.97 million revenue during Q4 2021, while revenue for the full year 2021 was $633.9 million.
The decrease was primarily attributable to lower quantities of metals sold at lower prices and lower metal production during Q4 2022.
Production during the fourth quarter was 15.9 million pounds of copper equivalent, including 13.3 million pounds of copper, 4,791 ounces of gold and 65,338 ounces of silver, compared to 16.7 million pounds of copper, 5,472 ounces of gold and 80,477 ounces of silver in the prior-year period.
The lower production in 2022 was primarily attributable to lower mill throughput and lower mill feed grades.
The mill processed 12.7 million tonnes of ore in 2022, compared to 13.4 million tonnes in the prior year.
Copper recovery was 81.2 per cent in Q4 2022, compared to 80.4 per cent in the prior-year period.
The company commissioned the rougher flotation circuit expansion at the Copper Mountain Mine in Canada in October 2022, completing the final plant improvement and optimization project in 2022.
The rougher flotation circuit is expected to support higher recoveries on slower kinetic ore types.
Copper Mountain also installed a new filter press at the site, enabling it to maintain a mill tonnage rate during extended periods of higher grades, removing the need to reduce mill tonnage as experienced in 2021.
In line with the results, the company expects 2023 copper production levels to be between 88 and 98 million pounds, gold production between 20,000 to 30,000 ounces and silver production between 350,000 and 400,000 ounces.
Copper Mountain forecasts production to increase sequentially throughout the year, with the third quarter expected to be the strongest.
