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Here’s why the Copper Mountain (ASX:C6C) share price closed 7% higher today

The Copper Mountain Mining share price closed 7% higher today. We look at the latest quarterly to find out what the story is.
The post Here’s why the Copper Mountain (ASX:C6C) share price closed 7% higher today appeared first on The Motley Fool Australia. –

mining dividend shares

The Copper Mountain Mining Corporation CDI (ASX: C6C) closed 7.3% higher today finishing off the session at $2.50. While there was no news today, the Copper Mountain Q4 2020 financial results were released yesterday. 

Let’s take a peek and see if anything in there might have helped to move the Copper Mountain share price today.

Copper Mountain share price jumps after record results

In yesterdays release, the company reported record quarterly production in Q4 2020. During Q4 2020, Cooper Mountain produced 29.1 million pounds of copper equivalent. This was comprised of 23.1 million pounds of copper, 8,959 ounces of gold, and 144,934 ounces of silver.

Additionally, full-year 2020 production exceeded guidance. During this period, Copper Mountain produced 77.6 million pounds of copper. This is significant compared to its previously offered guidance of 70 to 75 million pounds.

Revenue for Q4 2020 was $106.1 million and for the full year was $341.7 million.

Copper Hill reported that earnings per share (EPS) for Q4 2020 was $0.10 and for the full year was $0.18.

Cash flow from operations for Q4 2020 was $50.9 million and for the full year was $121.6 million.

CEO discusses what’s ahead

Commenting on Copper Mountain’s achievements and what lies ahead, Gil Clausen, Copper Mountain’s President and CEO said:

We expect our low-cost profile to remain in 2021 and for production to increase by up to 22% to the range of 85 to 95 million pounds of copper this year. Increased production will be driven by higher grades, as already experienced in the fourth quarter of 2020, and increased throughput and recovery following the commissioning of the 45,000 tonnes per day mill expansion planned for completion in the third quarter of 2021. We remain focused on advancing our organic growth pipeline, which includes the further mill expansion to 65,000 tonnes per day at the Copper Mountain Mine and the Eva Copper Project, while maximizing cash flow to continue to build on our healthy cash position.

The Copper Hill share price has rocketed 225% higher over the past year.

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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Here’s why the Copper Mountain (ASX:C6C) share price closed 7% higher today appeared first on The Motley Fool Australia.

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