Atalaya confident of meeting stated production rates
Copper miner Atalaya Mining is confident of meeting its stated production rates during the fourth quarter, as its Proyecto Riotinto mine, in Spain, now has the required additional electricity capacity to achieve its expanded throughput rate.
The company previously said that reaching the throughput rate of 15-million tonnes a year was slightly delayed, owing to the need for additional electricity supply.
Power supplier Endesa has now finalised the work required and the additional electricity capacity is available at site, Atalaya reported on Thursday.
Proyecto Riotinto would achieve its full production rate during the fourth quarter.
During the third quarter, copper production was 10 568 t, a decrease of 4.4% from the 11 055 t produced in the prior-year period. During the nine-month period ended September 30, 2019, copper production was 31 675 t, a 2.4% increase from the 30 942 t produced during the same period in 2018.
The company last month reviewed its production guidance for 2019 with a reduction in expected ore processed to 10.6-million tonnes and copper produced expected to be in the range of 44 000 t to 45 000 t.
"We are pleased to demonstrate another strong quarter of operations at Proyecto Riotinto, which was achieved at the same time as completing and testing of the new 15-million-tonne-a-year expansion, illustrating the flexibility within the plant. With the additional power supply now fully up and running we are confident that our stated production rates will be met during the fourth quarter of 2019,” said CEO Alberto Lavandeira.
Atalaya reported revenue of €44.4-million in the third quarter, compared with €42.8-million for the three-month period ended September 2018, The higher revenues were the result of increased volumes sold during the quarter and stronger average US dollar rates against the euro.
The miner’s after-tax profit amounted to €6.9-million, compared with a profit of €3.1-million a year earlier.
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