Despite record production in the first quarter of 2014, Copper Mountain Mining Corporation’s (TSX:CUM) gross profits were down $7 million compared with the same period last year.
The Vancouver-based company reported May 2 it generated $61 million in revenue during the first quarter. Direct mining and milling costs amounted to $60 million, which left the company with $1 million in gross profits.
Revenue during the same period last year was $55 million. But cost of sales was $47 million, leaving the company with gross profits of $8 million during 2013’s first quarter.
Although profits weren’t as high, the company saw copper production jump to 19.1 million pounds — a 34% increase from the first quarter of 2013 to the first quarter of 2014.
Meanwhile, the company sold 6,500 ounces of gold and 98,600 ounces of silver.
"The 2014 first quarter production results are in line with our annual production guidance of 80-90 million pounds of copper, despite some unscheduled downtime in March,” Copper Mountain president and CEO Jim O'Rourke said in a statement.
”The operational highlights for this first quarter include better than expected grade, improved mill availability and steady progress in mill throughput. These combined factors contributed to record production during the quarter."
