Copper Mountain shares up on strong Q2 results

Copper Mountain Mining (TSX: CMMC) exceeded its revised operating plan for the second quarter of 2020, the Vancouver-based miner announced on Wednesday. The company operates three mines, one in British Columbia and two in Australia.

Production for the three-month period reached 23.9 million pounds of copper equivalent, comprising of 18.1 million pounds of copper, 7,499 ounces of gold and 86,126 ounces of silver.

Revenues rose to C$91 million from C$65 million in the same period last year, while gross profit saw a significant jump to C$30.3 million compared to C$1.6 million in Q2 2019 as a result of reduced cash costs.

Cash flow from operations before working capital changes came to C$41.5 million, up from C$4.7 million in Q2 2019.

“We are pleased to have achieved such a strong quarter despite the global impact of the covid-19 virus and the associated lower copper price environment,” commented Gil Clausen, Copper Mountain’s president and CEO.

“With higher metal prices and lower costs, our objective is to build our cash position to allow for a rapid restart of the second stage of the mill expansion project, the installation of the third ball mill,” Clausen said.

The company completed the first stage of its 45,000 tpd mill expansion and installation of the direct flotation reactors in early July. The miner has also maintained spending on long lead time items associated with installation of the third ball mill and anticipates resuming construction in late 2020 or early 2021.

Copper Mountain has reaffirmed its 2020 production and all-in cost (AIC) guidance of 70-75 million pounds of copper and $2.20-$2.35 per pound of copper produced, respectively.

Production is expected to be more heavily weighted to the second half of the year as a result of higher grades and as the company begins to mine coarser grained ore areas that have higher recovery associated with them.

AIC for the first half of 2020 was below guidance, and although the company expects to continue to operate at lower costs in the second half, it is not adjusting guidance at this time given any uncertainty surrounding the pandemic.

Shares of Copper Mountain Mining jumped 4.2% on the TSX by 2:30 p.m. EDT. The company has a market capitalization of C$143.5 million.

Recently, our foundry gets an order from USA customer, who needs sets large cone crusher concaves. its weight 6050kg, material ZGMn18Cr2.In addition to the requirements of conventional materials and sizes, customers also have strict requirements on the grain size of the body and the surface quality of the castings. Regarding the grain size, the customer requires that the grain size of the center position of the cast test block reach level 1. The size of the test block is 60mm × 60 mm × 40 mm.

Cone crusher concave is one of the main crusher wear parts in cone crusher.

Design Of The Large Cone Crusher Concave Casting Process

1.Design Of Pouring System

Because of the big size of this type cone crusher concave (upper diameter 2572mm, down diameter 1885mm, and height 927mm), and high-quality surface, we decide to use bottom-injection pouring system. With this system, it makes the molten steel fill smoothly and reduces the occurrence of surface defects in castings. The runner was set in the center of the casting and was laid with a 120 mm diameter refractory pipe.In order to ensure the requirement of bulk grain size, the casting temperature of high manganese steel must be reduced. The solidification interval of high-manganese steel is short. To ensure smooth filling on the basis of lowering the pouring temperature, 8 internal runners are used, which are laid with refractory pipes with a diameter of 60 mm. In the setting of the riser, in order to meet the needs of supplementation, a quasi-350 mm × 305 mm shaped heating riser was used. In its height direction, a thermal insulation jacket was set to increase the height by 300 mm, a total of 8 risers. The top box is set with 16 pieces of 50 mm × 16 mm exhaust. The sand material uses quartz sand which has been used in the factory for a long time. Water glass as a binder, carbon dioxide hardening process.

2.Melting And Casting Processes

The mass of the cone crusher concave is about 6050 kg, the mass of the pouring system is about 200 kg, the riser is about 2800 kg, and the total molten steel demand is above 9050 kg. According to our conditions of the foundry, the simultaneous operation of one 5 t and one 3 t intermediate frequency furnace can meet the demand for molten steel. In addition to strictly controlling the amount of regrind added, a high-quality slag remover is used at the same time. Fully deoxidize before tapping. Due to the low pouring temperature, bottom casting packages are used. Preheat the ladle before use. The tapping temperature is 1460 ～ 1480 ℃, and the pouring temperature is 1430 ～ 1450 ℃. Measure the temperature before tapping and pouring, and then pouring after reaching the pouring temperature. The pouring must be smooth, ensure continuous flow, and be completed within 1 minute, so as to avoid insufficient pouring and cold insulation defects at lower pouring temperatures. Pour the riser to fill, and then cover the riser with insulation. The box is loosened 10 hours after pouring and unopened after 80 hours.

@Nick Sun      NICK@XZHUAGANG.COM