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Copper Mountain Mining Announces Q4 2020 Financial Results, Achieves All-in Cost Guidance and Exceeds Production Guidance

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Vancouver, British Columbia – February 16, 2021 – Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” - https://www.commodity-tv.com/ondemand/companies/profil/copper-mountain-mining-corp/ ) announces strong fourth quarter and full year 2020 financial and operating results.  All currency is in Canadian dollars, unless otherwise stated.  All results are reported on a 100% basis.  The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are available at www.CuMtn.com and www.sedar.com

 

HIGHLIGHTS

 

  • Record quarterly production in Q4 2020 of 29.1 million pounds of copper equivalent (comprised of 23.1 million pounds of copper, 8,959 ounces of gold, and 144,934 ounces of silver).
  • Full year 2020 production was 77.6 million pounds of copper, exceeding guidance of 70 to 75 million pounds.
  • C1 cash cost in Q4 2020 was US$1.43/lb copper produced, all-in sustaining cost (AISC) was US$1.58/lb copper and all-in cost (AIC) was US$1.82/lb copper.
  • Full year 2020 C1 cash cost was $1.53/lb copper, AISC was US$1.69/copper, and AIC was US$1.90 per pound, meeting the mid-point of improved and revised AIC guidance of US$1.80 to US$2.00/lb.
  • Revenue for Q4 2020 was $106.1 million and for the full year was $341.7 million.
  • Earnings per share for Q4 2020 was $0.10 and for the full year was $0.18.
  • Cash flow from operations for Q4 2020 was $50.9 million and for the full year was $121.6 million.
  • Cash and cash equivalents at the end of 2020 was $85.6 million, an increase of $32.0 million from the end of the third quarter of 2020 and a $53.4 million increase from December 31, 2019.
  • In Q4 2020, restarted the Ball Mill 3 Expansion Project to 45,000 tonnes per day, which is expected to be completed in Q3 2021.
  • In Q4 2020, a new life of mine plan was announced for the Copper Mountain Mine that includes a further mill expansion to 65,000 tonnes per day, demonstrating increased annual production, lower costs and a significantly higher net present value, when compared to the previous 2019 Technical Report.

 

“We continued to post another strong quarter with record quarterly production for copper, gold and silver.” commented Gil Clausen, Copper Mountain’s President and CEO. “We finished the year exceeding our annual production guidance and meeting our reduced AIC guidance.  Our operating team did an exceptional job in 2020 navigating an uncertain and changing environment. 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.”

 

SUMMARY OF OPERATING RESULTS

 

Mine Production Information

 

 

 

 

Copper Mountain Mine (100% Basis)

2020
Q4

2019
Q4

2020
Annual

2019
Annual

Mine

 

 

 

 

Total tonnes mined (000s)

 15,499

 14,571

 55,045

 62,129

Ore tonnes mined (000s)

 3,785

 3,914

 14,173

 12,496

Waste tonnes (000s)

 11,713

 10,657

 40,872

 49,633

Stripping ratio

 3.09

 2.72

 2.88

 3.97

 

 

 

 

 

Mill

 

 

 

 

Tonnes milled (000s)

 3,408

 3,733

 14,336

 14,643

Feed Grade (Cu%)

 0.40

 0.31

 0.32

 0.29

Recovery (%)

 77.3

 73.0

 78.0

 77.8

Operating time (%)

 94.1

 93.1

 92.4

 93.2

Tonnes milled (TPD)

 37,043

 40,576

 39,169

 40,118

 

 

 

 

 

Production

 

 

 

 

Copper (000s lb)

 23,053

 18,588

 77,551

 71,950

Gold (oz)

 8,959

 6,200

 29,227

 26,747

Silver (oz)

144,934

 86,623

392,494

271,835

 

 

 

 

 

Sales

 

 

 

 

Copper (000s lb)

 18,712

 17,598

 73,277

 71,898

Gold (oz)

 7,253

 6,008

 26,137

 26,478

Silver (oz)

 96,509

 76,847

323,276

254,541

 

 

 

 

 

C1 cash cost per pound of copper produced (US$)(1)

1.43

2.06

1.53

1.92

AISC per pound of copper produced (US$)(1)

1.58

2.27

1.69

2.06

AIC per pound of copper produced (US$)(1)

1.82

2.31

1.90

2.44

 

 

 

 

 

Average realized copper price (US$/lb) 

3.35

2.67

2.84

2.73

  • Non-GAAP performance measure. See MD&A for details.

 

Fourth Quarter 2020

 

In Q4 2020, the Copper Mountain Mine produced a record 23.1 million pounds of copper, 8,959 ounces of gold, and 144,934 ounces of silver.  Average mill feed grade increased to 0.40% Cu during the quarter, and 0.44% during the last two months, as compared to average feed grade of 0.31% Cu in Q4 2019.  Mill feed grade increased through the quarter as the mill began to process higher grade Phase 3 ore. The higher-grade ore and improved recoveries were the primary reason for record production in Q4 2020. 

 

The mill processed a total of 3.4 million tonnes of ore in Q4 2020 as compared to 3.7 million tonnes in Q4 2019.  Mill tonnage was reduced during the last two months of the year to adjust the mill operation to handle an approximate 40% increase in mill feed head grade. Copper recovery was 77.3% in Q4 2020, as compared to copper recovery of 73.0% in Q4 2019, and mill availability averaged 94.1% for Q4 2020 as compared to 93.1% in Q4 2019.

 

C1 cash cost per pound of copper produced, net of by-product credits, for Q4 2020 decreased 31% to US$1.43 when compared to Q4 2019.  The decrease in cost per pound in Q4 2020 was the result of increased production and higher by-product credits, driven by higher gold and silver prices and increased gold and silver production as compared to Q4 2019.

 

All-in sustaining cost per pound of copper produced (AISC) was US$1.58 in Q4 2020, 30% lower than Q4 2019.  The low AISC carries forward from the low C1 cost per pound with addition of lower sustaining capital, lease and applicable administration expenditures of $4.7 million in Q4 2020 as compared to $5.2 million in Q4 2019.   

 

All-in cost per pound of copper produced (AIC) for Q4 2020 improved by 21% to US$1.82 compared to Q4 2019.  The low AIC carries forward from the low AISC with the addition of $7.2 million in deferred stripping and $nil of low-grade stockpile mining costs incurred in Q4 2020 as compared to $nil of deferred stripping and $0.8 million of low-grade stockpile costs in Q4 2019. 

 

The significant decrease in C1, AISC, and AIC recognized in Q4 2020 as compared to past quarters was a result of the Company’s strong copper production, cost savings initiatives and operating efficiencies at the Copper Mountain mine, supplemented by an increase in precious metals prices and production for Q4 2020.    

 

Full year 2020

 

For the full year of 2020, Copper Mountain Mine produced 77.6 million pounds of copper, exceeding 2020 production guidance.  Gold and silver production for 2020 was 29,227 ounces of gold and 392,494 ounces of silver. This compares to 72.0 million pounds of copper, 26,747 ounces of gold, and 271,835 ounces of silver produced in 2019.  Production was higher in 2020 as a result of processing higher grade ore from Phase 3 in the fourth quarter of 2020. 

 

During the year, the mine processed a total of 14.2 million tonnes of ore at an average feed grade of 0.32% Cu and with a copper recovery of 78.0%.  Mill availability averaged 92.4% in 2020 as compared to 93.2% in 2019, the difference being attributable to the maintenance schedule differences between the periods.  The new ball mill transformers and SAG mill screen installed in 2019 performed reliably during 2020.

 

C1 cash cost per pound of copper produced, net of by-product credits, in 2020 decreased by 20% to US$1.53 when compared to 2019.  Cash costs have decreased significantly as a result of the revised operating plan announced in Q2 2020 that reduced operating costs by re-sequencing short term production to lower cost mine phases.  In addition, stronger precious metal prices experienced in 2020 that resulted in higher by-product credits contributed to lower C1 cash cost.      

 

All-in sustaining costs per pound of copper produced (AISC) in 2020 decreased by 18% to US$1.69 as compared to 2019, driven by the lower C1 cash cost per pound.  AISC includes $16.6 million in sustaining capital, lease and applicable administration expenditures, which compares to $13.6 million for 2019.   

 

All-in costs per pound of copper produced (AIC), for 2020 decreased 22% to US$1.90 as compared to 2019. This is a significant decrease from the prior year and demonstrates the ability for the Company to adjust its operating plan to match market conditions to decrease total-all-in costs during the year, while remaining on track with the long-term development plan.    

 

SUMMARY OF FINANCIAL RESULTS

 

Results and Highlights (100%)

Three months ended
December 31,

Year ended
December 31,

(In thousands of CDN$, except for per share amounts)

2020
$

2019
$

2020
$

2019
$

Financial

 

 

 

 

Revenue

106,103

73,743

341,748

288,460

Gross profit

47,314

1,613

104,643

25,098

Gross profit before depreciation(1)

52,872

11,279

127,344

52,562

Net income (loss)

28,540

(35,702)

50,264

(25,941)

Income (loss) per share – basic

0.10

(0.14)

0.18

(0.12)

Adjusted earnings(1)

5,502

1,317

20,569

835

Adjusted earnings per share – basic

0.03

0.01

0.11

0.00

EBITDA(1)

57,205

(35,271)

117,836

3,647

Adjusted EBITDA

34,167

1,748

88,141

30,423

Cash flow from operations

50,990

4,339

121,610

51,232

Cash and cash equivalents – end of period

 

 

85,571

32,126

      
  • Non-GAAP performance measure. See MD&A for details.

 

Fourth Quarter 2020

 

In Q4 2020, revenue was $106.1 million, net of pricing adjustments and treatment charges, compared to $73.7 million in Q4 2019.  Q4 2020 revenue is based on the sale of 18.7 million pounds of copper, 7,253 ounces of gold, and 96,509 ounces of silver.  This compares to 17.6 million pounds of copper, 6,008 ounces of gold and 76,847 ounces of silver sold in Q4 2019.  As noted above, revenue increased significantly during the quarter as a result of increased sales and higher metal prices, including a positive mark to market and final adjustment on concentrate sales of $11.9 million as compared to a positive mark to market and final adjustment of $6.5 million for Q4 2019, a differential of approximately $5.4 million.  Q4 2020 revenue before the mark-to-market adjustment is $94.2 million as compared to $67.2 million for Q4 2019. 

 

Cost of sales in Q4 2020 was $58.8 million as compared to $72.1 million for Q4 2019.  A substantial part of the decrease in cost of sales is a result of the Company’s cost savings initiatives resulting from the revised operating plan which included utilizing less equipment. Q4 2020 cost of sales did not include any mining costs being allocated to the low-grade stockpile and the Company allocated $8.4 million to deferred stripping. This is compared to Q4 2019 cost of sales which was net of only $0.9 million of deferred stripping and low-grade stockpile costs.

 

The Company reported net income of $28.5 million in Q4 2020, or $0.10 on a per share basis, as compared to a net loss of $35.7 million, or a loss of $0.14 per share for Q4 2019.  The variance in the higher net income for 2020, as compared to 2019, was primarily a result of several items including:

  • Significantly higher revenue as a result of higher realized copper, gold and silver prices of 25%, 26% and 42%, respectively, as compared to Q4 2019.
  • The inclusion of a non-cash unrealized foreign exchange gain of $13.9 million in Q4 2020 as compared to a non-cash unrealized foreign exchange gain of $5.4 million in Q4 2019, a differential of approximately $8.4 million, which was primarily related to the Company’s debt that is denominated in US dollars.
  • Q4 2019 included a one-time non-cash write-down of $48.8 million on the carrying value of the low-grade stockpile. This write-down was the result of the increased reserves and mine life of the Copper Mountain mine which deferred the milling of the low-grade stockpile to 2038. There was no write-down in Q4 2020.

 

On adjusted basis, the Company recorded a net income of $5.5 million in Q4 2020, or $0.03 on a per share basis, compared to $1.3 million in Q4 2019, or $0.01 on a per share basis.  

 

Full Year 2020

 

Revenue for the full year of 2020 was $341.7 million, net of pricing adjustments and treatment charges, compared to $288.5 million in 2019.  2020 revenue is based on the sale of 73.3 million pounds of copper, 26,137 ounces of gold and 323,276 ounces of silver.  This compares to 71.9 million pounds of copper, 26,478 ounces of gold and 254,541 ounces of silver sold in the same period 2019.  The increase in revenue is primarily the result of higher gold and silver prices during the period as well as a positive mark to market adjustment on concentrate sales of $25.2 million as compared to $8.5 million for 2019, a differential of approximately $16.7 million. Mark to market adjustments are higher during periods of increasing copper prices and explains the increase in mark to market from the prior year.

 

Cost of sales for the full year of 2020 was $237.1 million as compared to $263.4 million for 2019.  A substantial part of the decrease in cost of sales is a result of the Company’s cost savings initiatives resulting from the revised operating plan which included utilizing less equipment.  Another contributing factor is lower deferred stripping and low-grade stockpile costs, which were $21.3 million for 2020 and $36.1 million for 2019, a difference of $14.8 million.  

 

The Company reported net income of $50.3 million in 2020 compared to a net loss of $25.1 million in 2019.  The variance in net income in 2020 was a result of several items including:

  • Revenue was higher as a result of higher copper, gold and silver prices of 4.0%, 28.5% and 27.4%, respectively;
  • Revenue included a higher positive mark to market adjustment from provisional pricing on concentrate sales of $16.7 million, compared 2019, as discussed above;
  • In 2019, the Company recognized a one-time non-cash write-down of $48.8 million on the carrying value of the low-grade stockpile. This write-down was the result of the increased reserves and mine life of the Copper Mountain mine which deferred the milling of the low-grade stockpile to 2038. There were no write-downs in 2020.

 

On adjusted basis, the Company recorded a net income of $20.6 million in 2020, or $0.11 on a per share basis, compared to $0.8 million, or $0.00 on a per share basis, in 2019. 

 

PROJECT DEVELOPMENT UPDATE

 

Copper Mountain

 

Late in 2020, on the strength of stronger metal prices and an increasing cash balance, the Company restarted the second and final stage of the Ball Mill 3 Expansion Project.  The Ball Mill 3 Expansion Project is designed to increase mill throughput to 45,000 tonnes per day from 40,000 tonnes per day and improve copper recovery as a result of achieving a finer grind of ore.  Demolition has been completed in the area where the third ball mill is to be installed and excavation work for the Ball Mill 3 foundations has commenced. The Ball Mill 3 Expansion Project is on track to complete commissioning by the end of Q3 2021.

On November 30, 2020, the Company announced a new life of mine plan for the Copper Mountain Mine, which included a proposed further mill expansion to 65,000 tonnes per day.  The new life of mine plan increased the Copper Mountain Mine’s after-tax Net Asset Value (NPV) at an 8% discount rate to US$1.0 billion. Average annual production is expected to be approximately 106 million pounds of copper and 60,000 ounces of gold at average C1 cash costs of US$1.19 per pound (over the first ten years).  The 65,000 tonnes per day expansion builds upon the 45,000 tonnes per day mill expansion currently underway.

 

 Eva Copper Project

 

During the fourth quarter the Company advanced a project development alternative analysis for the Eva Copper Project for Board consideration. The Company expects to provide guidance on the project development plan in the second quarter of this year.

 

OUTLOOK

 

The Company expects production to increase up to the range of 85 to 95 million pounds of copper in 2021 as a result of higher grade. Similar to 2020, the Company expects production to be stronger in the second half of 2021 as a result of higher head grades and the commissioning of the Ball Mill 3 expansion project in the third quarter of 2021, which will improve recovery and increase throughput to 45,000 tonnes per day.

 

The Company expects all-in cost (AIC) to remain low in 2021, estimating AIC to be between US$1.80 to US$2.00  per pound as a result of higher production and improved grade.

 

Q4 and Year End 2020 FINANCIAL AND OPERATING RESULTS CONFERENCE CALL AND WEBCAST

 

Copper Mountain will host a conference call on Tuesday, February 16, 2021 at 7:30 am (Pacific Time) for senior management to discuss fourth quarter and full year 2020 results. 

 

Dial-in information:

Toronto and international: 647-427-7450

North America (toll-free): 1-888-231-8191

To participate in the webcast live via computer go to:

https://produceredition.webcasts.com/starthere.jsp?ei=1421305&tp_key=1996d72c1d

 

Replay Call Information

Toronto and international: 416-849-0833, Passcode: 7194614

North America (toll-free): 1-855-859-2056, Passcode: 7194614

 

The conference call replay will be available until 8:59 pm (Pacific Time) on February 23, 2021. An archive of the audio webcast will also be available on the company’s website at http://www.cumtn.com.

 

About Copper Mountain Mining Corporation

Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine currently produces approximately 100 million pounds of copper equivalent, with average annual production expected to increase to approximately 140 million pounds of copper equivalent.  Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,100 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.

 

Additional information is available on the Company’s web page at www.CuMtn.com.

 

On behalf of the Board of

 

COPPER MOUNTAIN MINING CORPORATION

“Gil Clausen”    

 

Gil Clausen, P.Eng.

President and Chief Executive Officer

 

For further information, please contact:

Letitia Wong

Vice President Corporate Development & Investor Relations

Telephone: 604-682-2992

Email: [email protected]

 

Website: www.CuMtn.com

 

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

 

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com.  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 


 

Copper Mountain Mining Corporation

Condensed Consolidated Statements of Financial Position

(In thousands of Canadian dollars)

 

December 31,

 2020

$

December 31,

 2019

$

 

 

 

Assets

 

 

 

 

 

Current assets

 

 

Cash and cash equivalents

85,571

32,126

Accounts receivable and prepaid expenses

30,413

27,947

Inventory

38,038

35,299

 

 

 

 

154,022

95,372

 

 

 

Reclamation bonds

4,162

3,740

Deferred tax assets

473

28,088

Property, plant and equipment

552,648

501,663

Low grade stockpile

64,836

64,978

 

 

 

 

776,141

693,841

Liabilities

 

 

 

 

 

Current liabilities

 

 

Accounts payable and accrued liabilities

44,400

41,366

Amounts payable to related parties

3,644

104,698

Current portion of long-term debt

79,559

60,260

Current tax liability

1,578

1,186

 

129,181

207,510

 

 

 

Provisions

18,371

18,104

Due to related parties

145,918

-

Long-term debt

129,153

188,123

Deferred tax liability

4,465

2,203

 

427,088

415,940

 

 

 

Equity

Attributable to shareholders of the Company:

 

 

 

 

 

Share capital (note 10)

283,926

266,663

Contributed surplus

19,611

18,623

Accumulated other comprehensive loss

(520)

(4,158)

Accumulated deficit

(35,153)

(70,516)

 

267,864

210,612

Non-controlling interest

81,189

67,289

Total equity

349,053

277,901

 

 

 

 

776,141

693,841

 


Copper Mountain Mining Corporation

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(In thousands of Canadian dollars, except for number of and earnings per share)

 

 

 

 

2020

$

2019

$

 

 

 

 

 

 

 

Revenue

 

 

341,748

288,460

 

Cost of sales

 

 

(237,105)

(263,362)

 

Gross profit

 

104,643

            25,098

 

 

 

 

 

 

 

General and administration

 

 

(8,476)

(11,544)

 

Low-grade stockpile write-down

 

 

-

(48,769)

 

Share based compensation

 

 

(5,568)

(2,093)

 

Income (loss) from operations

 

 

90,599

(37,308)

 

 

 

 

 

 

 

Finance income

 

 

632

1,175

 

Finance expense

 

 

(14,221)

(16,476)

 

Loss on interest rate swap

 

 

(1,021)

(464)

 

Foreign exchange gain

 

 

8,424

14,192

 

Loss on disposal of fixed assets

 

 

(2,867)

(237)

 

Income (loss) before tax

 

 

81,546

(39,118)

 

 

 

 

 

 

 

Current income and resource tax expense

 

 

(1,022)

(862)

 

Deferred income and resource tax (expense) recovery

 

(30,260)

            14,039

 

Net Income ( Loss)

 

 

50,264

(25,941)

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

Items that may be reclassified subsequently to net income

 

 

 

Foreign currency translation adjustment

 

 

3,638

(2,503)

 

Total comprehensive income (loss)

 

 

53,902

(28,444)

 

 

 

 

 

 

 

Net income (loss) and comprehensive income (loss) attributable to:

 

 

 

 

 

Shareholders of the Company

 

 

35,363

(22,486)

 

Non-controlling interest

 

 

14,901

(3,455)

 

 

 

 

50,264

(25,941)

 

Earnings (loss) per share:

 

 

 

 

 

Basic

 

 

$0.18

$(0.12)

 

Diluted

 

 

$0.18

$(0.12)

 

Weighted average shares outstanding, basic

 

 

193,118,813

189,529,180

 

Weighted average shares outstanding, diluted

 

 

197,663,540

191,004,336

 

Shares outstanding at end of the year

 

 

207,653,732

191,331,053

 

 

 

Copper Mountain Mining Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands of Canadian dollars)

 

 

 

2020

$

2019

$

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss) for the year

 

 

50,264

(25,941)

 

 

Adjustments for:

 

 

 

 

 

Depreciation

 

 

22,745

27,527

 

Loss on disposal of fixed assets

 

 

2,867

237

 

Low grade stockpile write-down

 

 

-

48,769

 

Unrealized foreign exchange gain

 

 

(8,755)

(16,890)

 

Loss on interest rate swap

 

 

1,021

464

 

        Deferred income and resource tax expense (recovery)

 

30,260

  (14,039)

 

Finance expense

 

 

14,071

16,476

 

Share based compensation

 

 

5,568

2,093

 

 

 

 

118,041

38,696

 

       Net changes in working capital items

 

 

(3,569)

12,536

 

Net cash from operating activities

 

 

121,610

51,232

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Deferred stripping costs

 

 

(21,031)

(32,608)

 

Development of property, plant and equipment

 

 

(34,859)

(22,578)

 

(Purchase) refund of reclamation bond

 

 

(422)

5,012

 

Proceeds on disposal of fixed asset

 

 

-

2,624

 

Net cash used in investing activities

 

 

(56,312)

(47,550)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds on the issuance of common shares

 

 

16,518

2,311

 

Contributions from related party

 

 

46,536

38,329

 

Payments made to non-controlling interest

 

 

(1,001)

(997)

 

Secured borrowing proceeds

 

 

-

10,345

 

Loan principal payments

 

 

(56,299)

(49,344)

 

Interest paid

 

 

(9,902)

(13,687)

 

Lease payments

 

 

(6,866)

(3,279)

 

Net cash used in financing activities

 

 

(11,014)

(16,322)

 

 

 

 

 

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(839)

(1,357)

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

53,445

(13,997)

 

 

 

 

 

 

 

Cash and cash equivalents - Beginning of year

 

 

32,126

46,123

 

 

 

 

 

 

 

Cash and cash equivalents - End of year

 

 

85,571

32,126

 

 

 

 

 

 

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SRC Mining & Special Situations ZertifikatSRC Mining & Special Situations Zertifikat

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

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