The company said it expected its copper production this year to be within the range of 55,000 and 58,000 tonnes.
Atalaya Mining (TSX:AYM,LSE:ATYM) has released its operational results for Q4 and the full year of 2019, detailing an increase in copper production year-on-year from its Proyecto Riotinto project in Spain.
As highlighted in the press release:
- Record quarterly copper production of 13,527 tonnes achieved in Q4 2019 (Q4 2018: 11,172 tonnes);
- Full year 2019 copper production increased by 6.7 percent to 44,950 tonnes (FY2018: 42,114 tonnes). This is in the upper range of the updated guidance provided on 17 October 2019;
- The expansion is now complete with the processing plant fully commissioned and operating at an increased annualised rate of 15Mtpa since January 2020;
- The annual copper recovery rate was 87.09 percent compared with 88.30% in 2018 driven by lower recovery rates achieved during Q4 2019 owing to the ramp-up of the SAG mill;
- On-site concentrate inventories at the end of Q4 2019 were approximately 2,221 tonnes. All concentrate in stock at the beginning of the quarter, and produced during the quarter, has been delivered to the port at Huelva.
- Copper prices slightly decreased during the quarter compared with the previous quarter, with an average realised price per pound of copper payable, including the QPs closed in the period, of $2.65/lb compared with $2.68/lb in Q3 2019. The average copper spot price during the quarter was $2.67/lb. The realised price during the quarter, excluding QPs, was approximately $2.67/lb.
- Q4 2019 cash operating costs will be provided with the 2019 Financial Statements
The company also reported its guidances for 2020, saying that it expected its copper production this year to be within 55,000 and 58,000 tonnes – a significant increase over 2019.