15th Apr 2019 14:52
LONDON (Alliance News) - Atalaya Mining PLC on Monday reiterated its production guidance for 2019 after a slight rise in copper output in the first quarter.
Atalaya produced 10,219 tonnes of copper in the first three months of 2019, 8% higher year-on-year, though the figure was 9% lower quarter-on-quarter due to lower throughput and head grade.
Nevertheless, the first quarter performance met company expectations.
Atalaya has reaffirmed guidance for 2019 of between 45,000 tonnes and 46,500 tonnes of copper.
Copper prices fell slightly in the quarter, with an average price of USD2.80 per pound compared to USD2.85 per pound in the last three months of 2018.
Atalaya is currently carrying out two drilling programmes at Spain's Proyecto Riotinto, both of which it said are going well.
Chief Executive Alberto Lavandeira said: "During the first quarter of 2019 our operations at the Riotinto mine continued to deliver strong operating results. Simultaneously the construction activities for the modernisation and expansion of the plant are expected to meet our self-imposed tight schedule of mechanical completion by the end of the second quarter.
"Based on the excellent expertise of the teams on site we are confident that the project will be concluded on time and on budget and that we will achieve our full year production guidance."
Shares were up 1.1% on Monday afternoon in London at 236 pence each.
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