24th May 2018 14:00
LONDON (Alliance News) - Atalaya Mining PLC said Thursday profit rose 46% in the first quarter of 2018 as revenue more than doubled.
For the three months to March end, the copper producer reported pretax profit of EUR11.1 million up from EUR7.6 million year-on-year.
Revenue more than doubled to EUR52.7 million from EUR25.6 million in the same period of 2017.
The brownfield copper miner realised positive earnings before interest, taxation, depreciation and amortisation EUR15 million, compared with EUR12.6 million a year before.
"The increase in EBITDA was mainly a result of the increase in the volume of copper concentrate sold and higher realised copper prices, partly offset by higher operating costs," the company said.
Copper production from Proyecto Riotinto in southwest Spain increased 7.2% on 2016 reaching 9,441 tonnes. The company plans to expand the Riotinto project with completion set in the second quarter of 2019.
In April, the company reported average copper production of 30,000 tonnes and silver of 70,000 ounces from a pre-feasibility study at his Proyecto Touro in north west Spain.
"This quarter's financial results continue to reflect the steady improvement in performance of the Riotinto plant. This gives us confidence that the expansion project, which is well advanced, together with Proyecto Touro, will provide Atalaya with the growth it needs to establish itself as a mid-tier copper producer in Europe," Chief Executive Officer Alberto Lavandeira said.
Atalaya Mining shares were trading flat at 241.60 pence.
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