Atico Mining today announced its financial results for the three months ended March 31, 2018, posting a net income of $0.4 million.
Atico Mining (TSXV:ATY) today announced its financial results for the three months ended March 31, 2018, posting a net income of US$0.4 million.
In Q1 2018 the company produced 5.5 million pounds of copper, 2825 ounces of gold and 10,606 ounces of silver, with copper production up 9 percent and gold up 11 percent.
As highlighted in the press release:
- Net income for the three months ended March 31, 2018 amounted to US$0.4 million, compared with US$1.3 million for the same period last year. Net income for the period was negatively affected by a delayed concentrate shipment, partially offset by higher average realized copper and gold prices as compared to Q1-2017.
- Sales for the period decreased 57 percent to US$7.3 million when compared with Q1-2017. The decrease was due to a delayed concentrate shipment, partially offset by higher average realized copper and gold prices as compared to Q1-2017. Copper and gold accounted for 92.9 percent and 7.1 percent of the total amount provisionally invoiced during Q1-2018. The average realized price per metal on provisional invoicing was US$3.16 (Q1-2017 – US$2.63) per pound of copper and US$1,332.69 (Q1-2017 – US$1,234.18) per ounce of gold.
- Working capital was US$5.2 million (December 31, 2017 – US$4.6 million), while the company had long-term loans payable with US$1.9 million (December 31, 2017 – $2.7 million) outstanding at the reporting date.Cash costs were US$127.25 per tonne of processed ore and US$1.44 per pound of payable copper produced, increases of 11 percent and 2 percent over the same period last year, respectively.
- Loss from operations was US$0.2 million (Q1-2017 – income of US$2.8 million) while cash flow from operations, before changes in working capital, was US$1.9 million (Q1-2017 – US$6.0 million). Cash used for capital expenditures amounted to US$2.2 million (Q1-2017 – $2.1 million).
- At the end of the quarter, 11,303 (December 31, 2017 – 7,366) wet metric tonnes of non-invoiced concentrate remained at the Company’s warehouses. As a planned concentrate shipment was delayed to the second quarter, concentrate inventory increased significantly at quarter end when compared to Q1-2017.
- All-in sustaining cash cost per payable pound of copper produced for Q1-2017 was US$1.85 (Q1-2017 – US$1.91).