VANCOUVER, Nov. 4, 2019 /CNW/ - Copper Mountain
Mining Corporation (TSX: CMMC | ASX:C6C) (the "Company" or
"Copper Mountain") announces third quarter 2019 financial and
operating results. All currency is in Canadian dollars,
unless otherwise stated. All results are reported on a 100%
basis. The Company's Financial Statements and Management
Discussion & Analysis ("MD&A") are available at
www.CuMtn.com and www.sedar.com.
THIRD QUARTER 2019 HIGHLIGHTS
- Production for the third quarter of 2019 was 20.3 million
pounds of copper equivalent (comprised of 16.3 million pounds of
copper, 6,498 ounces of gold and 57,225 ounces of silver).
- C1 cash costs per pound of copper produced was US$2.12 and all in sustaining cost (AISC) per
pound of copper was US$2.28, both net
of precious metal credits.
- Revenue for the third quarter of 2019 was $62.7 million, from the sale of 17.0 million
pounds of copper, 6,400 ounces of gold and 57,426 ounces of silver,
net of pricing adjustments.
- Cash flow from operations for the third quarter of 2019 was
$0.4 million.
- Cash and cash equivalents at the end of the third quarter was
$36.0 million.
- Eva Copper Mineral Resource was increased with the announcement
of Blackard Mineral Resource:
-
- Measured and Indicated Resource of 77 million tonnes grading
0.49% of copper containing 836 million pounds of copper (Increases
Eva Copper M&I Resource by 66% to 2.1 billion lbs of
copper)
- Inferred Resource of 19 million tonnes grading 0.49% of copper
containing 206 million pounds of copper (Increases Eva Copper
Inferred Resource by 118% to 380 million lbs of copper)
"During the third quarter we remained focused on managing our
costs during this year's phase of lower grade production and in
light of the current copper price environment," commented
Gil Clausen, Copper Mountain's
President and CEO. "We have also therefore taken a prudent
and conservative approach in advancing the mill expansion project
to match our cash flow as we move into a strong 2020 with higher
grade and increased production. Consequently, we expect
commissioning of the expansion project in the fourth quarter of
2020. As a result, we do not anticipate that any additional
funding is required to complete the project."
Mr. Clausen added, "In line with our commitment to maximizing
cash flow, we have also improved our life of mine production plan,
which will allow for more consistent, higher production at a lower
cost"
SUMMARY OF OPERATING RESULTS
Mine Production
Information
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
|
2019
|
2018
|
2019
|
2018
|
Copper Mountain
Mine (100% Basis)
|
$
|
$
|
$
|
$
|
Mine
|
|
|
|
|
Total tonnes mined
(000s)
|
13,965
|
18,503
|
47,558
|
54,607
|
Ore tonnes mined
(000s)
|
2,761
|
5,612
|
8,582
|
16,160
|
Waste tonnes
(000s)
|
11,204
|
12,891
|
38,976
|
38,447
|
Stripping
ratio
|
4.06
|
2.30
|
4.54
|
2.38
|
Total tonnes
reclaimed from stockpile (000s)
|
835
|
-
|
2,328
|
-
|
|
|
|
|
|
Mill
|
|
|
|
|
Tonnes milled
(000s)
|
3,596
|
3,802
|
10,910
|
10,662
|
Feed Grade
(Cu%)
|
0.26
|
0.28
|
0.28
|
0.32
|
Recovery
(%)
|
78.2
|
79.1
|
79.3
|
79.4
|
Operating time
(%)
|
91.9
|
92.7
|
93.3
|
91.5
|
Tonnes milled
(TPD)
|
39,087
|
41,326
|
39,963
|
39,055
|
|
|
|
|
|
Production
|
|
|
|
|
Copper (000s
lb)
|
16,302
|
18,283
|
53,362
|
58,219
|
Gold (oz)
|
6,498
|
7,532
|
20,547
|
20,126
|
Silver
(oz)
|
57,225
|
64,889
|
185,212
|
211,202
|
|
|
|
|
|
Sales
|
|
|
|
|
Copper (000s
lb)
|
17,021
|
17,612
|
54,300
|
59,764
|
Gold (oz)
|
6,400
|
6,349
|
20,470
|
19,324
|
Silver
(oz)
|
57,426
|
62,487
|
177,694
|
214,325
|
|
|
|
|
|
C1 cash cost per
pound of copper produced
|
2.12
|
1.98
|
1.87
|
1.82
|
(US$)(1)
|
All-in-sustaining
cost (AISC) per pound of copper produced
|
2.28
|
2.13
|
1.99
|
2.00
|
(US$)(1)
|
Average realized
copper price (US$/lb)
|
2.65
|
2.77
|
2.74
|
3.03
|
|
|
(1) Non-GAAP
performance measure. See MD&A for details.
|
In Q3 2019, the Copper Mountain Mine produced 16.3 million
pounds of copper, 6,498 ounces of gold, and 57,225 ounces of silver
compared to 18.3 million pounds of copper, 7,532 ounces of gold,
and 64,889 ounces of silver in Q3 2018. Lower production is
primarily due to grade and tonnage losses in a small isolated area
of the Pit2 West pushback when compared to the resource
model. This model shortfall has been rectified with
additional infill drilling during the quarter and is accounted for
in the resulting reserve update the Company announced on
October 28, 2019. In
addition, the Company began to feed stockpiled ore from the medium
grade stock pile in the third quarter to accommodate the
development of the Copper Mountain North pit to allow production to
commence in 2020.
During the quarter, the mine processed a total of 3.6 million
tonnes of ore at an average feed grade of 0.26% Cu and with a
copper recovery of 78.2%. Approximately 0.8 million tonnes of
ore that was fed to the mill came from the ore stockpile and was
included in the average feed grade for the quarter. The
slightly lower recovery experienced during the quarter was due to
processing some oxidized ore from the mid-grade ore
stockpile. Mill availability averaged 91.9% for Q3
2019. Subsequent to the quarter, the Company completed the
installation of oil-filled transformers on both ball mills, which
should allow for higher tonnage rates going forward.
The SAG mill and both ball mills are now operating with oil filled
transformers, completing replacement of the dry type transformers.
This change is expected to improve long term operational
reliability and allow the mills to increase grinding energy input
to their original design specifications.
C1 cash cost per pound of copper produced for Q3 2019 was
US$2.12, as compared to US
$1.98 in Q3 2018. The increase
in cost per pound was primarily the result of lower copper
production in the period when compared to Q3 2018. C1 cash
cost for Q3 2019 was positively impacted by the cost associated
with stripping in excess of the average life of mine strip ratio,
due to the continued development stripping on the southwest
highwall of the CMM main Pit (formerly Pit #3). The total
cash value of deferred stripping in Q3 2019 was $8.3 million, compared to $3.1 million in Q3 2018. All-in costs for
the quarter, inclusive of deferred stripping costs, were US
$2.67 per pound, compared to US
$2.52 per pound in Q3 2018.
Site cash costs for Q3 2019 were $49.3
million and C1 cash costs were $45.6
million, both of which are net of deferred stripping.
This is in line with the previous quarters. The consistency
in total costs over the past quarters demonstrates reliable
production and operation at the Copper Mountain Mine
quarter-after-quarter.
SUMMARY OF FINANCIAL RESULTS
Results and
Highlights (100%)
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
|
2019
|
2018
|
2019
|
2018
|
(In thousands of
CDN$, except for per share amounts)
|
$
|
$
|
$
|
$
|
Financial
|
|
|
|
|
Revenue
|
62,703
|
60,720
|
214,717
|
222,870
|
Gross profit
(loss)
|
(1,428)
|
(9,574)
|
23,484
|
17,410
|
Gross profit before
depreciation(1)
|
4,866
|
3,815
|
41,282
|
58,263
|
Net income
(loss)
|
(10,595)
|
(5,066)
|
9,760
|
(7,894)
|
Earnings (loss) per
share – basic
|
(0.05)
|
(0.02)
|
0.03
|
(0.02)
|
Adjusted earnings
(loss)(1)
|
(5,602)
|
(3,002)
|
(482)
|
7,132
|
Adjusted earnings
(loss) per share – basic
|
(0.03)
|
(0.02)
|
(0.00)
|
0.04
|
EBITDA(1)
|
(3,204)
|
6,882
|
38,917
|
40,919
|
Adjusted
EBITDA
|
1,789
|
8,946
|
28,674
|
68,493
|
Cash flow from
operations
|
368
|
(19,650)
|
46,893
|
22,489
|
Cash and cash
equivalents – end of period
|
|
|
36,008
|
41,690
|
|
(1) Non-GAAP
performance measure. See MD&A for details.
|
In Q3 2019, revenue was $62.7
million, net of pricing adjustments and treatment charges,
compared to $60.7 million in Q3
2018. Q3 2019 revenue is based on the sale of 17.0 million
pounds of copper, 6,400 ounces of gold, and 57,426 ounces of silver
and on an average realized copper price of US$2.65 per pound. This compares to 17.6
million pounds of copper, 6,349 ounces of gold and 62,487 ounces of
silver sold in Q3 2018 and an average realized copper price of
US$2.77 per pound. Revenue was
slightly higher in Q3 2019 as a result of slightly higher gold
sales along with higher gold and silver prices realized when
compared to Q3 2018.
Cost of sales in Q3 2019 was $64.1
million as compared to $70.3
million for Q3 2018. Unit cost of sales were
US$2.26 per pound of copper sold, net
of precious metals credits for Q3 2019, as compared to US$2.60 per pound of copper sold, net of precious
metals credits for Q3 2018. The decrease in cost of sales is
a result of reduced depreciation due to the increased reserve base
announced late in 2018 and due to mining costs of $9.3 million being allocated to deferred
stripping in Q3 2019 as compared to $3.8
million in Q3 2018. The decrease in per unit cost of
sales in Q3 2019 is a result of increased by-product credits
relating to higher gold and silver prices and increased deferred
stripping costs in Q3 2019.
The Company reported a gross loss of $1.4 million and a net loss of $10.6 million for Q3 2019, compared to a gross
loss of $9.6 million and a net
loss $5.1 million for Q3 2018,
respectively. The variance in the net loss for Q3 2019, as
compared to the net loss for Q3 2018, was a result of several items
including: 1) Revenue in Q3 2019 was based on fewer pounds of
copper sold at a lower realized price; 2) Revenue in Q3 2019
included a negative mark to market adjustment of $0.9 million as compared to a negative mark
to market adjustment of $2.3 million for Q3 2018; 3) Lower
depreciation and higher deferred stripping costs in Q3 2019; 4)
Cost of sales for Q3 2018 included a $4.2
million write-down to the low-grade stockpile, which was
necessary to record the low-grade stockpile to net realizable
value, while there was no such adjustment in Q3 2019; and, 5) The
inclusion of a non-cash unrealized foreign exchange loss of
$4.0 million as compared to a
non-cash unrealized foreign exchange gain of $5.4 million in Q3 2018, a differential of
approximately $9.4 million,
which was primarily related to the Company's debt that is
denominated in US dollars.
PROJECT DEVELOPMENT UPDATE
Copper Mountain Mill Expansion
During the quarter, the
Company continued with engineering work to advance its expansion
plans of the existing Copper Mountain Mine mill, which is planned
to increase throughput to 45,000 tonnes per day from 40,000 tonnes
per day and improve copper recovery as a result of being able to
achieve a finer grind of ore. The expansion project includes
the installation of a third ball mill that the Company has already
purchased.
The Company has re-scheduled and slowed the project development
timing to match the 2020 cash flow generation of the mine in the
current low copper price environment, such that additional
financing is not required to complete the project in fiscal year
2020. As a result, full commissioning has been rescheduled
from Q2 2020 to Q4 2020. Project Engineering design has been
completed to support commissioning the project in Q4 2020, while
Engineering of the cleaner circuit upgrade is well advanced to
support earlier commissioning of the cleaner circuit upgrade in
mid-2020. During the third quarter, the new higher capacity
SAG Mill screen was installed and is operating as expected.
Subsequent to the quarter, at the end of October, the third ball
mill arrived at the Port of Vancouver and is now on site.
EXPLORATION UPDATE
Copper Mountain Mine
The 2019 exploration drill
program for the Copper Mountain Mine is now completed. This
included approximately 15,000 metres of drilling with the objective
of defining resources adjacent to and below current reserves in
high potential areas. As a result of the drilling program
that concluded in the third quarter, the Company, subsequent to the
end of the third quarter, updated the reserve and resource for the
Copper Mountain Mine. Reserves increased by 12% to 477 million
tonnes grading 0.23% copper and 0.10 g/t gold for contained metal
of 2.47 billion pounds of copper and 1.55 million ounces of
gold. Measured and Indicated Mineral Resources increased by
9% to 599 million tonnes grading 0.23% copper and 0.10 g/t gold for
contained metal of 3.08 billion pounds of copper and 2.0 million
ounces of gold. Inferred Mineral Resources increased by 16%
to 276 million tonnes grading 0.20% copper and 0.10 g/t gold for
contained metal of 1.23 billion pounds of copper and 0.88 million
ounces of gold. Please refer to press release dated
October 28, 2019.
Australia
The 2019
exploration drill program in Australia has been completed. This
program included both exploration drilling and metallurgical
testwork for the Blackard deposit, which is a large stratabound
deposit located within the Company's Eva Copper Project mining
leases, five kilometres from the proposed Eva Copper processing
plant, in Queensland,
Australia. Drilling confirmed a Measured and Indicated
Mineral Resource of 77 million tonnes grading 0.49% copper
containing 836 million pounds of copper. This brings the Eva
Copper Project's Measured and Indicated Resource to 228 million
tonnes grading 0.42% copper containing 2.1 billion pounds of
copper. The Company also completed extensive metallurgical
testwork that has confirmed economic recoveries at Blackard.
Based on these results, flotation recoveries are expected to be 90%
for the Copper Sulphide Zone and 63% for the Copper Zone, both
producing saleable concentrates.
The Blackard deposit was not included in the Eva Copper 2018
feasibility study, and therefore, the Company will now be updating
the Eva Copper feasibility study to include this new information,
the results of which are planned for release in Q1 2020.
Outlook
The Company expects 2019 production to be at the lower end of
the full year guidance range of 72 million to 80 million pounds of
copper, as the fourth quarter is expected to be strong with
improved throughput and grades planned. The Company is
beginning a higher-grade mining sequence at the Copper Mountain
Mine as a result of the stripping development work that has been
completed year to date. The grade and production is expected to
continue to increase throughout 2020, providing for a strong
production year for the mine as outlined in the Company's
guidance.
Q3 2019 FINANCIAL AND OPERATING RESULTS CONFERENCE CALL AND
WEBCAST
The Company will be hosting a conference call on Monday, November 4, 2019 at 7:30 am (Pacific Time) for senior management to
discuss the third quarter 2019 results.
Dial-in information:
Toronto and international: 1 (647)
427-7450
North America (toll-free): 1 (888)
231-8191
To participate in the webcast live via computer go to:
https://event.on24.com/wcc/r/2107795/5E94E5CAA7BB5380363A6641AB67CA2A.
Replay Call Information
Toronto and international: 1 (416) 849-0833,
Passcode: 8899813
North America (toll-free): 1 (855)
859-2056, Passcode: 8899813
The conference call replay will be available from 10:30 am (Pacific Time) on November 4, 2019 until 8:59 pm (Pacific Time) on November 11, 2019. An archive of the audio
webcast will also be available on the company's website at
http://www.cumtn.com.
About Copper Mountain Mining Corporation
Copper
Mountain's flagship asset is the 75% owned Copper Mountain mine
located in southern British
Columbia near the town of Princeton. The Copper Mountain mine currently
produces approximately 90 million pounds of copper equivalent, with
average annual production expected to increase to over 110 million
pounds of copper equivalent. Copper Mountain also has the
permitted, development-stage Eva Copper Project in Queensland, Australia and an extensive 4,000
km2 highly prospective land package in the Mount Isa
area. Copper Mountain trades on the Toronto Stock Exchange under
the symbol "CMMC" and Australian Stock Exchange under the symbol
"C6C".
Additional information is available on the Company's web page at
www.CuMtn.com.
On behalf of the Board of
COPPER MOUNTAIN MINING CORPORATION
"Gil
Clausen"
Gil Clausen, P.Eng.
President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking
statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable
securities laws. All statements, other than statements of
historical facts, are forward-looking statements. Generally,
forward-looking statements can be identified by the use of
terminology such as "plans", "expects", "estimates", "intends",
"anticipates", "believes" or variations of such words, or
statements that certain actions, events or results "may", "could",
"would", "might", "occur" or "be achieved". Forward-looking
statements involve risks, uncertainties and other factors that
could cause actual results, performance and opportunities to differ
materially from those implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from these forward-looking statements include the
successful exploration of the Company's properties in Canada and Australia, the reliability of the historical
data referenced in this press release and risks set out in Copper
Mountain's public documents, including in each management
discussion and analysis, filed on SEDAR at www.sedar.com.
Although Copper Mountain believes that the information and
assumptions used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Except where required by
applicable law, Copper Mountain disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Copper Mountain Mining Corporation
Condensed
Consolidated Interim Statements of Financial
Position
(Unaudited in thousands of Canadian
dollars)
|
September
30,
2019
$
|
December 31,
2018
$
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
36,008
|
46,123
|
Accounts receivable
and prepaid expenses (note 4)
|
15,327
|
18,923
|
Inventory (note
5)
|
37,758
|
55,801
|
|
|
|
|
89,093
|
120,847
|
|
|
|
Reclamation
bonds (note 9)
|
4,131
|
8,752
|
Deferred tax
assets
|
14,736
|
13,980
|
Property, plant
and equipment (note 6)
|
485,545
|
448,237
|
Low grade
stockpile (note 5)
|
112,754
|
109,846
|
|
|
|
|
706,259
|
701,662
|
Liabilities
|
|
|
|
|
|
Current
liabilities
|
|
|
Accounts payable and
accrued liabilities (note 7)
|
33,768
|
37,494
|
Amounts payable to
related parties
|
105,965
|
69,026
|
Current portion of
long-term debt (note 8)
|
34,878
|
52,956
|
Current tax
liability
|
1,490
|
622
|
|
176,101
|
160,098
|
|
|
|
Provisions
(note 9)
|
18,413
|
6,571
|
Interest rate swap
liability (note 8)
|
584
|
601
|
Long-term debt
(note 8)
|
197,068
|
229,001
|
Deferred tax
liability
|
1,777
|
2,135
|
|
393,943
|
398,406
|
Equity
Attributable to
shareholders of the Company:
|
|
|
Share
capital
|
266,663
|
263,822
|
Contributed
surplus
|
18,304
|
17,378
|
Accumulated other
comprehensive loss
|
(5,794)
|
(1,655)
|
Accumulated
deficit
|
(43,182)
|
(48,030)
|
|
235,991
|
231,515
|
Non-controlling
interest
|
76,325
|
71,741
|
Total
equity
|
312,316
|
303,256
|
|
|
|
|
706,259
|
701,662
|
Copper Mountain Mining Corporation
Condensed
Consolidated Interim Statements of Income (Loss) and Comprehensive
Income (Loss)
For the Three and Nine Months Ended
September 30,
(Unaudited
in thousands of Canadian dollars, except for earnings per
share)
|
|
|
|
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
|
2019
$
|
2018
$
|
2019
$
|
2018
$
|
|
|
|
|
|
Revenue (note
11)
|
62,703
|
60,720
|
214,717
|
222,870
|
Cost of sales
(note 12)
|
(64,131)
|
(70,294)
|
(191,233)
|
(205,460)
|
Gross profit
(loss)
|
(1,428)
|
(9,574)
|
23,484
|
17,410
|
|
|
|
|
|
Other income and
expenses
|
|
|
|
|
General and
administration (note 12)
|
(3,517)
|
(2,160)
|
(8,908)
|
(8,225)
|
Share based
compensation (note 10)
|
(497)
|
(387)
|
(1,684)
|
(1,274)
|
Operating income
(loss)
|
(5,442)
|
(12,121)
|
12,892
|
7,911
|
|
|
|
|
|
Finance
income
|
135
|
134
|
389
|
476
|
Finance expense (note
13)
|
(3,454)
|
(3,602)
|
(11,695)
|
(10,963)
|
Unrealized (loss)
gain on interest rate swap
|
(15)
|
195
|
(505)
|
1,197
|
Foreign exchange
(loss) gain
|
(4,041)
|
5,419
|
8,733
|
(9,042)
|
|
|
|
|
|
Income (loss)
before tax
|
(12,817)
|
(9,975)
|
9,814
|
(10,421)
|
|
|
|
|
|
Current tax
(recovery) expense
|
(190)
|
59
|
(1,166)
|
(608)
|
Deferred income and
resource tax recovery
|
2,412
|
4,850
|
1,113
|
3,135
|
Net income
(loss)
|
(10,595)
|
(5,066)
|
9,761
|
(7,894)
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign currency
translation adjustment
|
(1,432)
|
(2,684)
|
(4,139)
|
(3,219)
|
Total
comprehensive income (loss)
|
(12,027)
|
(7,750)
|
5,622
|
(11,113)
|
|
|
|
|
|
Net income (loss)
attributable to:
|
|
|
|
|
Shareholders of the
Company
|
(8,755)
|
(4,289)
|
4,848
|
(7,351)
|
Non-controlling
interest
|
(1,840)
|
(777)
|
4,913
|
(543)
|
|
(10,595)
|
(5,066)
|
9,761
|
(7,894)
|
Earnings (loss)
per share:
|
|
|
|
|
Basic
|
(0.05)
|
(0.02)
|
0.03
|
(0.04)
|
Diluted
|
(0.05)
|
(0.02)
|
0.03
|
(0.04)
|
|
|
|
|
|
Weighted average
shares outstanding, basic (thousands)
|
190,344
|
188,116
|
188,925
|
166,939
|
|
|
|
|
|
Weighted average
shares outstanding, diluted (thousands)
|
191,711
|
191,435
|
190,492
|
170,796
|
|
|
|
|
|
Shares outstanding
at end of the period (thousands)
|
191,331
|
188,170
|
191,331
|
188,170
|
Copper Mountain Mining Corporation
Condensed
Consolidated Interim Statements of Cash Flows
For the
Three and Nine Months Ended September
30,
(Unaudited in thousands of Canadian
dollars)
|
Three months
ended
September 30,
|
Nine months ended
September
30,
|
|
2019
$
|
2018
$
|
2019
$
|
2018
$
|
Cash flows from
operating activities
|
|
|
|
|
Net income (loss) for
the period
|
(10,595)
|
(5,066)
|
9,761
|
(7,894)
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
Depreciation
|
6,312
|
13,389
|
17,834
|
40,853
|
Unrealized foreign
exchange (gain) loss
|
672
|
(6,079)
|
(8,916)
|
6,447
|
Unrealized loss (gain)
on interest rate swap
|
15
|
(195)
|
505
|
(1,197)
|
Deferred income and
resource tax expense
|
(2,412)
|
(4,849)
|
(1,113)
|
(3,141)
|
Finance
expense
|
3,454
|
3,602
|
11,695
|
10,963
|
Share based
compensation
|
497
|
387
|
1,684
|
995
|
|
(2,057)
|
1,189
|
31,450
|
47,026
|
Net changes in working
capital items (note 15)
|
2,425
|
(20,839)
|
15,443
|
(24,537)
|
Net cash from
operating activities
|
368
|
(19,650)
|
46,893
|
22,489
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
Cash acquired in
acquisition of Altona
|
-
|
-
|
-
|
29,115
|
Transaction
costs
|
-
|
(54)
|
-
|
(2,291)
|
Share issue
costs
|
-
|
-
|
-
|
(364)
|
Deferred stripping
activities
|
(8,264)
|
(3,092)
|
(32,608)
|
(15,555)
|
Purchase of property,
plant and equipment
|
(6,590)
|
(4,216)
|
(14,486)
|
(16,087)
|
Reclamation
bonds
|
4,545
|
(387)
|
4,621
|
(387)
|
Proceeds on disposal
of fixed assets
|
-
|
-
|
-
|
-
|
Net cash (used in)
from investing activities
|
(10,309)
|
(7,749)
|
(42,473)
|
(5,569)
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
Proceeds on exercise
of options and warrants
|
2,284
|
26
|
2,310
|
224
|
Advances from
non-controlling interest
|
23,294
|
14,383
|
38,329
|
28,412
|
Payments made to
non-controlling interest
|
-
|
(899)
|
(329)
|
(2,367)
|
Loan principal
paid
|
(21,189)
|
(12,427)
|
(43,558)
|
(34,320)
|
Interest
paid
|
(2,356)
|
(2,275)
|
(8,586)
|
(8,057)
|
Finance lease
payments
|
(626)
|
(1,277)
|
(1,900)
|
(5,266)
|
Net cash used in
financing activities
|
1,407
|
(2,469)
|
(13,734)
|
(21,374)
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash
equivalents
|
646
|
(532)
|
(801)
|
1,011
|
|
|
|
|
|
(Decrease)
Increase in cash and cash equivalents
|
(7,888)
|
(30,400)
|
(10,115)
|
(3,443)
|
|
|
|
|
|
Cash and cash
equivalents - Beginning of period
|
43,896
|
72,090
|
46,123
|
45,133
|
|
|
|
|
|
Cash and cash
equivalents - End of period
|
36,008
|
41,690
|
36,008
|
41,690
|
View original
content:http://www.prnewswire.com/news-releases/copper-mountain-mining-announces-q3-2019-financial-results-300950625.html
SOURCE Copper Mountain Mining Corporation