…3q16 results numbers?
Yes indeed, that time of the quarter is with us again when the stickiest of copper producers, Copper Mountain (CUM.to) ejaculates its quarterly results onto SEDAR. We already knew that CUM shot its production higher in 3q16, but as usual when the costs are factored in…
…we have to swallow CUM ‘s thin margins and poor financials. So just $4.188m in gross CUM profits and once things like G&A and debt servicing are done, the net was yet another loss, this time $7.937m.
For sure another sticky smelly CUM quarter (and by the way, count ’em up and that’s over $116m in aggregate losses since 2014). And to add a late spurt, note that CUM has managed to defer $12m in power costs in 2q16 and 3q16, thanks to the new BC Hydro initiative. It would have been even stickier otherwise.
But if you think that’s messy CUM numbers, just wait til you see the balance sheet:
Ewwww CUM, negative working cap of $11.8m and all that financial debt to pay back in the next 12 months? And you can’t make a profit. That’s a massive CUM shot… across the bows of the debt holders.