Copper Mountain climbs on expanded mining plan, longer mine life

Mining

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Copper Mountain Mining (OTCPK:CPPMF) +13.1% in Wednesday's trading after unveiling a revised life of mine plan that supports mill expansion of its Copper Mountain mining project in British Columbia to 65K tons/day from 45K tons/per day over a 32-year mine life, producing a total of 4.1B lbs of copper equivalent.

The company said the revised life of mine plan results in robust economics including $1.24B in after-tax net present value at an 8% discount, up from its previous estimate of $1B.

The initial capital cost required to increase throughput to 65K tons/day is estimated at $237M.

The miner will need to show a few quarters of improved operations before the market has confidence in the new mine plans, National Bank analysts said, according to Bloomberg.

Copper Mountain Mining (OTCPK:CPPMF) "appears undervalued in the mining space but needs strong copper prices to really pay off," R. Paul Drake writes in a bullish analysis posted recently on Seeking Alpha.

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