Proyecto Riotinto
JOHANNESBURG (miningweekly.com) – Dual-listed copper miner Atalaya Mining has posted a 60% jump in net income to €18.2-million in 2017, thanks to strong revenue growth on the back of higher production from Proyecto Riotinto, in Spain, and increasing copper prices.
Revenue for the 12-month period amounted to €160.5-million, compared with €98.8-million. The average realised copper price strengthened by 18% to $2.66/lb, from $2.25/lb. Cash costs of $1.91/lb payable copper in 2017 compare with $1.95/lb in 2016.
2017 has been the first full year of commercial production at Proyecto Riotinto, with 8.8-million tonnes of ore processed. The mine delivered copper production of 37 164 t, compared with 26 179 t in 2016, with recovery rates increasing to 85.5%.
Atalaya has reiterated its previous production guidance for 2017 of output between 37 000 t and 40 000 t.
"We remain positive on the outlook for copper and believe that our plans to expand Riotinto to 15-million tonnes a year and to deliver Proyecto Touro will ensure that these two projects commence production when the fundamentals for copper are at their most robust,” CEO Alberto Lavandeira commented on Tuesday.
The Atalaya board in December approved the Riotinto expansion, at a cost of €34.7-million. Commissioning is scheduled for the second half of 2019, with output estimated at 50 000 t/y to 55 000 t/y at full capacity.