Copper production at dual-listed European mining and development company Atalaya’s operations increased 97% quarter-on-quarter, from 4 442 t in the second quarter to 8 752 t in the third quarter, owing to an 83.6% increase in recoveries.

The miner also maintained copper concentrate grades of over 21%, consistent with positive performance of the previous quarter.

Further, Atalaya processed 50% more tonnes of ore in the third quarter than in the second.

Meanwhile, ramp-up at the company’s Proyecto RioTinto, in Spain, is progressing according to plan, as mechanical completion of Atalaya’s expansion project was achieved in May, with minimal additional capital expenditure required until the end of the year. The company is targeting nominal plant capacity of 9.5-million tons a year.

Proyecto RioTinto’s water treatment plant is now fully operational after successful commissioning during the quarter with the dewatering of the Cerro Colorado openpit progressing according to plan.

On the financial side, Atalaya’s working capital position improved by €4.2-million in the second quarter, with cash costs reduced to $1.97/lb of copper in the third quarter. The miner has targeted further reductions for the coming months.

Atalaya’s earnings before interest, taxes, depreciation and amortisation (Ebitda) improved significantly compared with the first half of the year, when it posted a loss of €3.6-million owing to an increase in the volume of copper concentrate sold, lower cash costs and higher realised copper prices. It reported a positive Ebitda of €1.9-million for the period.

"We are gradually beginning to see the fruits of our efforts, with positive cash flows from our operations. The combination of falling operating costs and improved levels of recovery and production reflect the increasing on-site efficiencies,” commented CEO Alberto Lavandeira.

He added that the effect of the recent increase in the copper price on Atalaya’s share price demonstrated the group’s leverage to copper. 

“With the plant working now almost at nameplate capacity, we are well placed to benefit from any future improvements in the copper price,” he added.