CPPMF -.14 to 2.11, they had a lousy Q1, but it was due to transitory issues and they are guiding for better results in Q2 and especially the 2nd half. Copper prices have also fallen in part due to concerns about a China slowdown related to COVID lockdowns.
I added a bunch of shares today which are now down 50% from the 52wk high. Seems cheap if indeed these various negatives are temporary, but I view it as too speculative to take a large position.
PR -
Gil Clausen, Copper Mountain's President and CEO, stated, "We managed through a very difficult first quarter, which was largely due to temporary impacts to production and costs. Lower production was a result of operating at reduced mill throughput and lower grade, as we continued to run the secondary crusher at lower power draw due to the damaged main shaft, resulting in low and very coarse feed to the mill. This issue is now resolved. We installed a new main shaft in early April and the secondary crusher is back at full capacity. A spare shaft was also purchased for delivery in August. With the newly commissioned third ball mill operating, and the secondary crusher back on spec, we are ramping up the milling circuit to full capacity of 45,000 tonnes per day and expect to be at this level consistently through the balance of 2022. Higher grade ore from Phase 4 of the Copper Mountain Main Pit is planned for the second half of 2022 with the newly developed North Pit providing the bulk of the feed through Q2. The first quarter was an aberration due to a confluence of adverse events, which are now behind us. We expect the second quarter to improve from the first quarter and the second half to be considerably stronger than the first half of the year. However, we are increasing our all-in cost guidance for 2022 to US$2.25 to US$2.75 per pound of copper to reflect Q1 2022 results and the inflationary pressures being experienced globally."
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