By Paulo Trevisani
A weakening U.S. dollar hurt Copper Mountain Mining Corporation’s second-quarter results, the company said Monday.
The Vancouver, Canada-based mining company reported a non-cash unrealized foreign exchange loss of 417,000 Canadian dollars ($319,000), compared to a gain of C$14.5 million Canadian dollars in the second quarter of 2020, “primarily related to the company’s debt that is denominated in U.S. dollars,” Copper Mountain said in a statement.
The company reported C$142.1 million in second-quarter revenue, up from C$91.1 million a year earlier.
“The increase in revenue is primarily due to higher metal prices and metal sales which were somewhat offset by lower United States to Canadian dollar foreign exchange rates,” the company said.
Copper Mountain also reported a C$1.4 million revenue loss due to foreign currency translation adjustment, compared to a C$4.2 million gain a year earlier.
The Canadian dollar traded at C$1.2516 per dollar on March 31 and strengthened to C$1.2287 per dollar on June 30, according to FactSet.
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View more information: https://www.marketwatch.com/story/canada-s-copper-mountain-mining-weaker-u-s-dollar-hurt-revenue-currency-comment-271627321291