10th Oct 2018 11:50
LONDON (Alliance News) - Atalaya Mining PLC said on Wednesday that copper production at its Riotinto project in Andalucia, Spain exceeded expectations in the third quarter of 2018, leading to raised production guidance for the year.
Atalaya Mining said production for the three months to the end of September was 11,055 tonnes, up from 10,679 tonnes the year before and from 10,446 tonnes in the second quarter of 2018.
This was due to higher-than-budgeted head grade, ore milled at 2.5 million tonnes, and better metallurgical recoveries, which averaged 88%, up from 85%.
As a result, Atalaya has raised its guidance for copper production for 2018 to the range of 39,000 to 41,000 tonnes of copper, from 37,000 to 40,000 tonnes. In 2017, copper production was 37,164 tonnes.
The average copper price fell to USD2.89 per pound from USD3.12 the quarter before.
The company is continuing its improvements programme with the secondary cone crusher at the mine now fully operational, meaning that crushing capacity no longer forms a bottleneck in production.
"We are delighted to report copper production at Proyecto Riotinto for the third quarter of 2018, reaching a record 11,055 tonnes. This is the highest quarterly copper production since the project was re-started. Positively our production guidance for the year has also increased. The delivery of another consistent record quarter is testimony to the quality and commitment of the company's teams and provides a good indication that the growth plans through the Riotinto expansion and Touro are solid and on track," said Chief Executive Officer Alberto Lavandeira.
Shares in Atalaya Mining were up 0.1% at 242.70 pence on Wednesday.
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