Copper Mountain Mining (TSX: CUM) has exited 2013 in high gear, with the December quarter marking the fifth consecutive quarter of production growth at its namesake copper-gold mine near Princeton, BC.
The 75%-held Copper Mountain mine produced 18.6 million lb of copper, 4,300 oz of gold and 105,800 oz of silver in the three months ended Dec. 31, marking its best quarter since officially opening in August 2011. Mitsubishi Materials owns the remaining 25%.
“This was achieved despite a week of partial downtime in November due to a transformer failure in one of its ball mills,” wrote Raymond James analyst Adam Low. He has a $3.25 price target and “outperform” rating on the stock.
The strong quarter put Copper Mountain’s full year output at 66.2 million lb of copper, within its revised production guidance of 65 million to 70 million lb of copper …
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