16th Jan 2020 14:23
(Alliance News) - Atalaya Mining PLC said Thursday it achieved record quarterly copper production and completed expansion at Proyecto Riotinto processing plant.
In a trading update for the fourth quarter of 2019, the European mining and development company said it achieved a record quarterly copper production of 13,527 tonnes, versus 11,172 a year ago.
Copper production for 2019 increased 6.7% to 44,950 tonnes from 42,114, which is an upper range of the lowered guidance of 44,000 to 45,000 tonnes.
Atalaya in October lowered its copper production guidance for 2019 to a range of 44,000 to 45,000 tonnes, from previous 45,000 to 46,500 range, due to lower recovery levels.
For 2020, the company estimates copper production to be in the range of 55,000 to 58,000 tonnes.
Atalaya Mining said the expansion is now complete at Proyecto Riotinto in Andalusia, Spain, with the processing plant commissioned and operating at an increased annualised rate of 15 million tonnes per annum since January.
Meawhile exploration and infill drilling continues in Atalaya and Cerro Colorado pits, with positive results from ongoing drilling in the fourth quarter.
Alberto Lavandeira, chief executive officer, said: "We are also pleased to have delivered production rates at the higher end of our expectations in the final quarter of the year."
"This track record gives us confidence in our ability to achieve our increased 2020 production forecasts," Lavandeira added.
Atalaya shares were down 0.5% in London at 193.00 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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