9th Jul 2018 12:11
LONDON (Alliance News) - Atalaya Mining PLC said on Monday it has completed a technical report for an updated resources and reserves estimate for the Proyecto Riotinto project in Spain.
The total open pit proven and probable mineral reserves at Cerro Colorado have been estimated at 197 million tonnes grading at 0.4% copper, which reflects a 29% increase in mineral reserves. Contained copper has risen by 21% to 822,000 tonnes.
Estimated average cash costs of USD2.10 per pound of payable copper net of silver credits, and the development capital expenditure of USD95 million is set to increase throughput to 15 million tonnes per year.
The recoverable copper within proven and probable open pit reserves is estimated at 696,500 tonnes and 9.4 million ounces of silver, with a life of mine of 13.8 years and 2019 ramp-up production to 11 million tonnes a year and 2020 production at 15 million tonnes per year.
"These results reinforce the significant long-term potential of Atalaya, and are a reflection both of the quality of the asset and the technical expertise of the operational team. We are confident that we can continue to expand the resources and reserves both through continued targeted drilling campaigns and underground upside whilst ramping up production, thereby maximising the exciting opportunity that Proyecto Riotinto represents for the business," said Chief Executive Officer Alberto Lavandeira.
Shares in Atalaya Mining were up 1.3% at 252.72 pence on Monday.
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