JOHANNESBURG (miningweekly.com) – Mining development company Atalaya Mining has posted a net profit of €10.92-million for the six months to June 30.
The Aim- and TSX-listed company, which declared commercial production at its Proyecto Riotinto mine, in Spain, in February 2016, produced 17 863 t of copper in the six months under review, compared with the 8 489 t produced in the first half of 2016.
The mine is expected to produce 34 000 t to 40 000 t of copper for the full year.
The company’s revenues increased to €79.1-million for the six months under review, compared with €22.6-million in the first half of 2016, while earnings before interest, taxes, depreciation and amortisation increased to €24.5-million, compared with a loss before interest, taxes, depreciation and amortisation of €3.6-million in the prior comparable period.
As previously reported, Atalaya is studying the feasibility of expanding the Proyecto Riotinto mine’s capacity from 9.5-million tonnes to 15-million tonnes a year.
Further, the company is conducting exploration work at Proyecto Touro, which it expects will become its second mining operation in Spain.
Atalaya in February signed an option agreement to acquire an initial 10% stake in Proyecto Touro, with the aim to eventually earn up to 80% interest in the project. It has also signed an option agreement to acquire additional exploration concessions covering 122.7 km2 immediately surrounding Proyecto Touro.
A technical report on the project is at an advanced stage of development and is expected to be at a prefeasibility level. The report is expected to be completed early in the fourth quarter.