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Located 20 kilometres south of Princeton, B.C., the Copper Mountain Mine is one of British Columbia’s newest mines.
Construction of the Copper Mountain Mine was completed on schedule by June 30, 2011, and by September 2011 the company shipped its first load of concentrate containing 5.8 million pounds of copper to Japan for smelting.
By Dec. 31, 2011, the company announced revenues of $66.5 million with a gross profit of $16.2 million.
The Copper Mountain Mine, which is owned by the Copper Mountain Mining Corporation (75 per cent), and the Mitsubishi Materials Corporation (25 per cent), primarily mines copper, but gold and silver are considered secondary metals mined by the company.
A press release issued on April 17, announced that in the first three months of operations in 2012, the mine had already produced 13.7 million pounds of copper, 4,200 ounces of gold, and 96,400 ounces of silver.
“We are very proud of the company’s achievements in 2011. The most significant milestone was bringing the Copper Mountain Mine into production,” said Jim O’Rouke, President and CEO of Copper Mountain.
“Our operating team has been working very hard to ensure that the ramp up of the operation will meet our operating goals. Looking to 2012, we will remain fully focused on continuing to optimize the Copper Mountain mine to maximize the copper production target,” he said.
The first quarter report of 2012 indicated that the company has continued to experience higher-than-predicted precious metal production, and continued to reach a target of 35,000 tonnes per day.
Currently, the expected life of the mine is 17 years, with a plan to produce 100 million pounds of copper per year for the first 12 years. However, O’Rouke has indicated that the company is planning an exploration program to expand the resource and extend the mine life beyond the 17-year mine plan. Otherwise, he said the company will upgrade the resource to increase production.
The Copper Mountain Mine is a Canadian resource company managed by a team of professionals. The company’s shares trade on the Toronto Stock Exchange under the symbol “CUM.” The mine is located on a 18,000-acre site and has a current resource of nearly 5 billion pounds of copper. There are 310 people employed on site.