Copper Mountain Mining Corporation (TSE:CUM) is cash-flow positive and actively pursuing acquisition opportunities, according to CFO Rodney A. Shier. He was speaking at the Canaccord Genuity Global Resources Conference 2014, held in New York City at the New York Palace Hotel.
Copper Mountain started production at its open pit mine in July, 2011, a site located 300 miles east of Vancouver, BC, Canada. “The best way to think of it is as a brand new mine on a former mine site,” said Shier.
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The company is focused on maximizing copper production at the site, Shier said, and is targeting operating throughput at 35,000 tons per day, with a mining rate average of 175,000 tons per day. Copper Mountain is on target with 2014 guidance, Shier said.
The site has a 17-year mine life “as we know it today,” Shier said, and operational improvements are underway to enhance cash flow.
The company’s 2014 objectives, Shier said, are to complete installation of a secondary crusher in order to increase throughput and copper production; increase its ore processing capacity; achieve copper production guidance of 80 million to 90 million pounds; install a mine dispatch system to improve utilization of mine equipment; enhance its mill expert system to maximize performance; and continue with exploration programs focused on organic growth and new discoveries.
The long-term goal is to establish a reserve base sufficient to sustain milling for 25-plus years, Shier said.
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