15th Jan 2019 13:00
LONDON (Alliance News) - Atalaya Mining PLC on Tuesday reported a rise in fourth quarter production, with annual output likewise increasing.
Production for the last quarter of 2018 from its Proyecto Riotinto in Andalusia, Spain, was 11,172 tonnes of copper, up from 8,622 tonnes the same period a year prior and 11,055 tonnes the third quarter of 2018.
For 2018 as a whole, Atalaya produced 42,114 tonnes of copper, from 37,164 tonnes in 2017.
Looking to 2019, Atalaya has guided for copper production of between 45,000 tonnes and 46,500 tonnes. Grade is expected to be 0.47%, from 0.49% in 2018.
Cash costs for the fourth quarter of 2018 are guided to be lower than 2018 cost guidance of USD2.15 per pound of copper and USD2.30 per pound. It will provide more detail on costs when it releases 2018 results at an unspecified date in March.
The expansion project at Proyecto Riotinto is going well, Atalaya said, with engineering and procurement now completed. As of December 80% of work was done, and it has scheduled "critical" milling work for mechanical completion at the end of the second quarter.
At its other project, Proyecto Touro, Atalaya completed an environmental impact assessment in the fourth quarter.
Chief Executive Alberto Lavandeira said: "2018 was characterised by continuous copper production increases and we are delighted once again to announce new quarterly and annual copper production records in this update."
"This confirms the success of the ongoing improvement measures that have been implemented by our operating teams at Proyecto Riotinto in recent years, giving us full confidence value creation for the company will continue as we expand and modernise operations at Riotinto in 2019. This will be further aided by the development of new projects like Touro in the near future."
Shares were 3.4% higher Tuesday afternoon at 228.50 pence each.
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