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Highlights
- Copper Mountain's revenue increased from C$ 95 million in Q3 2020 to C$ 137.2 million in Q3 2021.
- Copper Mountain completed the first step in the company's growth plans by installing Ball Mill 3 at the Copper Mountain Mine.
- The metals and mining company claimed that it is on track to achieve the 2021 production guidance of 90 to 100 million copper.
The Copper Mountain Mining Corporation (TSX:CMMC) announced solid results for the third quarter of this year. Production in Q3 2021 was 26.3 million pounds of copper equivalent, comprising 22.4 million pounds of copper, 134,987 ounces of silver and 7,449 ounces of gold.
Gil Clausen, President and Chief Executive Officer at Copper Mountain said that the company continues to deliver an impressive operating cash flow and it is on track to triple the 2020 production in the next five years.
In Q3 2021, Copper Mountain completed the first step in the company's future growth plans by installing Ball Mill 3 at the Copper Mountain Mine. Let's further explore this metal and mining stock and find out if it is worth your money:
Copper Mountain (TSX:CMMC) financial and stock performance
In the third quarter of this year, Copper Mountain's revenue increased from C$ 95 million in Q3 2020 to C$ 137.2 million.
Meanwhile, the net income reduced to C$ 25.8 million in Q3 2021 compared to C$ 33.2 million in the third quarter of 2021. However, the cash flow from operations catapulted to C$ 90.9 million for the three months ended September 30, 2021. In the same comparable period of 2020, cash flows were C$ 38.6 million.
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The CMMC stock skyrocketed by about 110 per cent year-to-date (YTD) and outperformed TSX 300 Composite Index as it relatively surged by 74 per cent in the same period.
Also Read: 5 Canadian metal stocks to buy
At the end of the trading session on Friday, October 29, CMMC stock was priced at C$ 3.8 per share, 25 per cent down from a 52-week high of C$ 5.07 apiece on May 10, 2021.
Bottom line
Copper Mountain could grow in future and see increased revenues as the Ball Mill 3 Expansion Project is designed to increase the mill output to 45,000 tons per day from 40,000 tons per day.
The company also claimed that it is on track to achieve the 2021 production guidance of 90 to 100 million copper.
