As anticipated from backing numbers out of the quarterlies, with copper averaging under $3 for the year CMMC is operationally profitable but making a net loss due to interest and D&A. Forex was an extra kick in the pants this year, seems to be because their debt is USD denominated.
If you take out the forex impact the breakeven seems to be almost exactly $3/lb. Thankfully copper is trending back upwards, though not at $3 yet.
Ann: Full Year Statutory Accounts, page-2
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