Atalaya Mining notes "positive start" to 2023 as production rises

(Alliance News) - Atalaya Mining PLC on Monday said it has made a positive start to the new year, ...

Alliance News 17 April, 2023 | 9:15AM
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(Alliance News) - Atalaya Mining PLC on Monday said it has made a positive start to the new year, leading the firm to be "confident" in its ability to achieve its full-year guidance for 2023.

Atalaya Mining is an AIM-listed copper producer with a portfolio of assets in Spain. Shares in the firm were down 1.3% at 345.43 pence on Monday morning in London.

The company produced 12,139 tonnes of copper in the first quarter of 2023. This represented an increase of 5.9% from 11,461 tonnes against the previous year, but a decline of 13% against 13,969 tonnes achieved in final quarter of 2022.

Atalaya Mining explained that production previously anticipated for the first quarter is now expected in second, as a result of the rescheduling of plant maintenance activities.

A total of 3.4 million tonnes of ore was mined in the first quarter of 2023, compared to 4.0 million tonnes in the same quarter a year prior. Ore milled totalled 3.7 million tonnes, up from 3.5 million tonnes the year prior. Waste milled was 6.5 million tonnes, down from 6.8 million tonnes in the first quarter of 2022.

Atalaya Mining reported an average copper grade of 0.38% in the quarter, compared to 0.37% the year prior. Copper recovery stood at 86.88%, compared to 86.07% the previous year.

The average realised copper price in the quarter was USD4.00 per pound, compared to USD4.50 per pound the year prior, but up from USD3.70 per pound in the previous quarter.

Chief Executive Alberto Lavandeira said: "We have had a positive start to 2023, with significant improvements in Q1 compared to the same period last year. Our operations are performing well, with a catch-up in throughput expected in April 2023 following the decision to bring forward plant maintenance activities into Q1 2023. Electricity prices have continued to fall from 2022 levels, which will have a positive impact on our unit costs."

Atalaya Mining said it remains "confident" in its ability to achieve its full-year 2023 guidance.

The company expects to produce between 53,000 tonnes to 55,000 tonnes of copper in 2023 at an average grade of between 0.40% and 0.42%. It expects to mine 17.1 million tonnes of ore and mill 24.1 million tonnes of ore. Copper recovery is expected between 84% and 86%.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Atalaya Mining PLC 480.00 GBX 4.35 -

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