12th Jul 2023 08:56
(Alliance News) - Atalaya Mining PLC on Wednesday reported that its copper production was up and its ore mined increased in the second quarter of 2023.
Atalaya Mining said its copper production in the second quarter increased to 14,212 tonnes from 13,386 tonnes the prior year, and up from 12,139 tonnes quarter-on-quarter.
Copper grade was 0.40% in the second quarter, compared to 0.39% the year before, and 0.38% in the first quarter of the year.
Ore mined was 3.9 million tonnes in the second quarter, up from 3.6 million tonnes in the same period the year before, and from 3.4 million tonnes in its first quarter of the financial year.
The company said its balance sheet remained strong, with its net cash was EUR68.8 million on June 30, up from EUR53.1 million on December 31.
Chief Executive Officer Alberto Lavandeira said: "We are pleased to report a strong quarter of production, thanks to a solid performance at the plant including good throughput and recoveries. We remain confident in our full year operational guidance.
"Although the copper price has softened in recent months, the overall outlook is far better than many market participants had predicted for 2023. Once again, supply disruptions in many key copper producing regions have improved the near-term market balance."
The company said its copper production guidance for its full financial year is between 53,000 to 55,000 tonnes.
Shares in Atalaya Mining were down 0.3% at 323.00 pence in London on Wednesday morning.
By Will Neill, Alliance News reporter
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