Copper Mountain Mining's (TSX:CUM) net profit grew steadily in 2013's third quarter compared with the same period last year, the company announced October 30.
According to Copper Mountain's financial statement, net profit in the third quarter was $11.2 million, up from just over $7 million in the same period in 2012. Net income was $15 million, up from $9.8 million last year.
Copper Mountain also reported increases in copper, gold and silver production. Copper production was 17.7 million pounds, up from 12.5 million pounds in 2012's second quarter, gold production was 6,400 ounces, up from 4,300 ounces, and silver production was 79,300 ounces, up from 77,200.
In an effort to further stimulate production, the company plans to invest in a secondary crusher at its Copper Mountain mine.
"Looking forward, management's efforts are fully focused on the installation of a secondary crusher and we are continuing to work with our partner and project banks to get the installation advanced as soon as possible," said Jim O'Rourke, Copper Mountain Mining's president and chief executive officer.
Copper Mountain owns 75% of the Copper Mountain mine, located near Princeton, British Columbia. The Mitsubishi Materials Corporation owns the remaining 25% of the mine. Production at the mine began in late 2011.
