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Atalaya Mining ramp up in copper production is beginning to show

Thursday, November 24, 2016 2:25
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(Before It's News)

Atalaya Mining Plc (AIM:ATYM, TSE:AYM) ramp up of its Spanish copper project continues with production almost doubling quarter on quarter.

Production tonnes of copper in concentrate was up 97% totalling 8,752 tonnes in the three months to September 30, versus 4,442 tonnes in the preceding quarter.

Recovery rates continued to improve also, rising to 83.6% from 80.46%. The company added that the trend continues, with a rate of 87% in October, and it told investors that the plant is performing very well.

The company is maintaining its production guidance of 23,500 to 27,000 metric tonnes of copper for 2016, though it noted a ‘bias towards the higher end of the scale’.

Revenue for the three months amounted to €27.2mln, with the tally for the first nine months of 2016 coming to €49.9mln. And it had copper-in-concentrate inventories worth €9.3mln, as of September 30.

The company’s realised copper sales price averaged US$2.18 per pound in the third quarter, and US$2.16 per pound for the nine months.

A significant improvement in earnings saw the group report positive EBITDA of €1.9mln for the three month period, compared with negative €1.6mln for the year to date. Meanwhile, cashflow from operating activity amounted to €5.5mln for the nine month period.

“We are gradually beginning to see the fruits of our efforts with positive cash flows from our operations,” said Atalaya chief executive Alberto Lavandeira.

“The combination of falling operating costs and improved levels of recovery and production reflect the increasing on-site efficiencies.

“The effect of the recent increase in the copper price on our share price demonstrates our leverage to copper.  With the plant working now almost at nameplate capacity we are well placed to benefit from any future improvements in the copper price.”

Story by ProactiveInvestors

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