During the outage, Mill throughput was restricted by approximately 25% while the concentrator operated with just one Ball Mill. It was planned that the mill would be back to full production the following week.
Spare coils were available and ABB expedited crews to the mine to make the necessary repairs.
As part of the original design plan for the concentrator, the two Ball mills and the SAG mill have identical motors and transformers that are interchangeable in the event of a component failure. Because this failure involves just one transformer on Ball Mill #2, the concentrator was able to continue to operate with the SAG Mill and Ball Mill #1 at a reduced mill throughput. It was anticipated that production would be limited to approximately 1050 TPOH or about 25,000 TPD until repairs were completed.
Jim O'Rourke, president & CEO of Copper Mountain said that the outage was not expected to affect the company’s ability to achieve its guidance of 65- to 70 million pounds of copper for 2013.
Furthermore, Copper Mountain Mining Corporation announced today that it has closed its $30 million bought deal financing (the "Offering") announced on November 11, 2013. The syndicate of underwriters was led by National Bank Financial Inc. and includes Canaccord Genuity Corp., Scotia Capital Inc., CIBC World Markets Inc. and Raymond James Ltd. The Offering consisted of the issue of 17,700,000 common shares at a price of $1.70 per share, resulting in $30,090,000 in gross proceeds to the Company.
Copper Mountain plans to use the net proceeds of this financing for the construction of a secondary crusher to increase production at the Copper Mountain Mine site and for general corporate purposes.
The underwriters also have the option to increase the size of the offering by up to an additional 2,655,000 Shares at any time until January 2, 2014, for an additional gross proceeds of $4,513,500 if the underwriters' option is exercised in full.
For more information, visit www.CuMtn.com.