The Copper Mountain Mining Corporation (ASX: C6C) share price closed 7.3% higher today, finishing off the session at $2.50. While there was no news out of the company today, Copper Mountain's fourth-quarter 2020 financial results were released yesterday.
Let's take a peek and see what might be moving the Copper Mountain share price.
Copper Mountain share price jumps after record results
In yesterday's release, the company reported record quarterly production in the fourth quarter of FY2020 (Q4 FY20). During the quarter, Copper 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, ahead of previously offered guidance of 70 to 75 million pounds.
Revenue for Q4 FY20 was $106.1 million and $341.7 million for the full year.
Copper Mountain reported earnings per share (EPS) for Q4 of 10 cents and 18 cents EPS for the full year.
Cash flow from operations for the quarter was $50.9 million and for the full year was $121.6 million.
CEO comments
Commenting on Copper Mountain's achievements and what lies ahead, President and CEO Gil Clausen 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 Mountain share price has rocketed 225% higher over the past year.
