11th Jul 2019 12:25
(Alliance News) - Atalaya Mining PLC said Thursday it has kept its production guidance for 2019 after reporting year-on-year increases in the second quarter of the year.
For the three months to the end of June, the European miner said its copper production was 10,888 tonnes, up 4.2% from 10,446 tonnes the same period the year before, and a 3.6% increase from 10,219 tonnes the prior quarter.
Recoveries rose to 88.72% during the period from 87.31% the prior year but lower than 90.27% in the first quarter of 2019.
Atalaya has maintained its 2019 guidance for copper production at 45,000 to 46,000 ounces.
Looking ahead, the company said exploration has progressed well with two drilling programmes underway. Drilling will target residual massive sulphides and stockwork mineralisation under the Atalaya pit.
In addition, the expansion of Proyecto Riotinto to 15 million tonnes per annum has "progressed materially", with mechanical completion expected in the next few weeks.
"With the mechanical completion of the Riotinto expansion and modernisation project expected imminently, the company will progressively increase the level of copper production during the remainder of the year. Completion of the project on time and on budget is an excellent outcome for the company and continues to demonstrate its operational capabilities," said Chief Executive Officer Alberto Lavandeira.
Shares in Atalaya Mining were up 0.3% at 204.00 pence on Thursday.
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