Atico Mining Reports Q3 Financial Results

Atico Mining (TSXV:ATY) has reported its financial results for the third quarter. The Atico’s El Roble mine produced 2.70 million pounds of copper and 2,932 ounces of gold, and the company recorded a net income of of $363,504 for the quarter.

As quoted in the press release:

The El Roble mine performed as planned during the third quarter with an increase of 30% and 36% in copper and gold produced respectively compared to previous quarter. The increase was driven by a combination of higher throughput, head grades and copper and gold metallurgical recovery. The third quarters cash cost per tonne of processed ore increased slightly from the $111.60 cost in the previous quarter, while the cash cost(1) per pound of payable copper produced decreased by 28.7% to $0.72, mainly driven by an increase of 18% and 15% in the copper and gold content per processed tonne, a 12% increase in daily throughput, and a 10% increase in gold metallurgical recovery.

Atico CEO, Fernando E. Ganoza, commented:

We are reporting a strong production quarter at the El Roble mine, as we saw a 30% increase in metal production over the second quarter. This increase along with operational improvements resulted in a 28.7% decrease in cash costs net of by-product credits.” Mr. Ganoza continued, “The scale-up remains on schedule and we expect to operate at 650 tonnes per day throughout the first quarter of 2015.

Click here to read the Atico Mining (TSXV:ATY) press release