TIDMATYM
RNS Number : 9945S
Atalaya Mining PLC
15 July 2020
15 July 2020
Atalaya Mining Plc
("Atalaya" and/or the "Company")
Second Quarter 2020 Operations Update
Atalaya Mining Plc (AIM: ATYM; TSX: AYM) is pleased to announce
its operations update for the second quarter of 2020 ("Q2
2020").
Operating Highlights
Proyecto Riotinto
Q2 Q1 Full year
2020 2019 2020 2020 Guidance
------- ------- ------- --------------
Ore mined (M tonnes) 3.2 2.8 3.0 15.0
------------ ------- ------- ------- --------------
Waste mined (M tonnes) 5.7 3.6 5.1 22.7
------------ ------- ------- ------- --------------
Ore milled (M tonnes) 3.6 2.6 3.4 14.0 - 15.0
------------ ------- ------- ------- --------------
Cu grade (%) 0,44 0.48 0,47 0.45
------------ ------- ------- ------- --------------
Cu recovery (%) 85.89 88.72 82.62 84 - 86
------------ ------- ------- ------- --------------
55,000 -
Cu production (tonnes) 13,635 10,888 13,229 58,000
------------ ------- ------- ------- --------------
-- Q2 2020 copper production was a new record of 13,635 tonnes,
representing a 25% increase over the equivalent quarter of 2019 and
above Q1 2020.
-- A total of 3.6 million tonnes of ore were processed with an
average copper head grade of 0.44% and a recovery rate of
85.89%.
o In comparison with the same quarter of 2019, throughput
increased 39% while recovery decreased 3%.
o Compared with Q1 2020, copper production increased 3% as a
result of a 6% higher throughput and lower grades being compensated
for by higher recoveries.
-- Plant recoveries increased as a result of operational
improvements to the fully commissioned plant despite scheduled
maintenance and mandatory COVID-19 shutdowns during the
quarter.
-- As reported on 30 March 2020, operations at Proyecto Riotinto
halted for five days following the Royal Decree issued by the
Spanish government to increase the national protective measures
against COVID-19, affecting tonnage processed during April 2020 and
resulting in lower ore milled than planned during Q2 2020.
-- Mining operations continued concentrating on mining ore from
the higher levels of the mine. On a combined basis, ore, waste and
marginal ore amounted to 3.2 million m(3) in Q2 2020 versus 2.9
million m3 in Q1 2020.
-- On-site concentrate inventories at the end of the quarter were approximately 3,845 tonnes.
-- Copper prices decreased during Q2 2020 compared with Q1 2020,
with an average realised price per pound of copper payable,
including the QPs closed in the period, of $2.51/lb compared with
$2.58/lb in Q1 2020. The average copper spot price during the
quarter was $2.42/lb. The realised price during the quarter,
excluding QPs, was approximately $2.43/lb.
-- Cash operating costs for Q2 2020 are expected to be within
the lower end of the range of the annual AISC guidance of
US$2.20-US$2.30/lb. Further details on costs will be provided with
the Q2 Financial Statements to be reported in August 2020.
Exploration Highlights
-- Exploration around Proyecto Riotinto continued during Q2 2020
focused around the massive sulphides and stockwork mineralisation
under the Atalaya pit as well as potential resource increases at
the Cerro Colorado pit.
-- An updated resources and reserves statement is expected
during Q3 2020 for the Cerro Colorado pit.
-- In parallel, the Company continues to evaluate the resources
potential under the Atalaya pit.
Outlook for 2020
-- Whilst the COVID-19 pandemic impacted production during the
beginning of the quarter, the expanded plant after Proyecto
Riotinto recommenced its operations on 6 April 2020 and has
consistently performed beyond expectations.
-- Accordingly, the Company maintains its previously stated for 2020.
Corporate update - Proyecto Touro
-- On 13 April 2020, the Company was formally notified that the
Environment Department of the Xunta de Galicia had issued a
negative Impact Declaration (DIA) to restart copper production at
Proyecto Touro based on Atalaya's ability to guarantee no
environmental impact to downstream ecosystems.
-- The Company continues assessing its options which may include
several types of appeals or modified project proposals that can
address the concerns of the Xunta de Galicia.
-- The Company is confident that its world class approach to
Proyecto Touro, that includes fully plastic lined tailings with
zero discharge, will satisfy the most stringent environmental
conditions that may be imposed by the authorities prior to the
development of the project.
COVID-19 Update
-- Since its announcement on 6 April 2020, Proyecto Riotinto
continues operating with exceptional requirements and
recommendations to prevent the COVID-19 exposure and the spread of
the virus.
-- Atalaya's key priority continues to be protecting its
workforce and the local communities surrounding both Proyecto
Riotinto and Proyecto Touro.
Alberto Lavandeira, CEO commented :
"Our operations set a new production record thanks to the
professionalism and dedication of our team which successfully
commissioned the expansion at Proyecto Riotinto. Plant recoveries
have returned to normal pre-commissioned levels and the Company
will now continue focusing on delivering new efficiencies to make
our business even more competitive."
This announcement contains information which, prior to its
publication constituted inside information for the purposes of
Article 7 of Regulation (EU) No 596/2014.
Contacts:
Elisabeth Cowell / Adam Lloyd / + 44 20 3757
Newgate Communications Tom Carnegie 6880
+44 20 3170
4C Communications Carina Corbett 7973
----------------------------------- -------------
Canaccord Genuity
(NOMAD and Joint Henry Fitzgerald-O'Connor / James +44 20 7523
Broker) Asensio 8000
----------------------------------- -------------
BMO Capital Markets Tom Rider / Michael Rechsteiner +44 20 7236
(Joint Broker) / Neil Elliot 1010
----------------------------------- -------------
Peel Hunt LLP +44 20 7418
(Joint Broker) Ross Allister / David McKeown 8900
----------------------------------- -------------
About Atalaya Mining Plc
Atalaya is an AIM and TSX-listed mining and development group
which produces copper concentrates and silver by-product at its
wholly owned Proyecto Riotinto site in southwest Spain. In
addition, the Group has a phased, earn-in agreement for up to 80%
ownership of Proyecto Touro, a brownfield copper project in the
northwest of Spain. For further information, visit
www.atalayamining.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEZLFFBDLFBBV
(END) Dow Jones Newswires
July 15, 2020 02:00 ET (06:00 GMT)
Atalaya Mining (LSE:ATYM)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Atalaya Mining (LSE:ATYM)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024