European copper miner Atalaya Mining increased its third-quarter revenue to €42.8-million, from €35.7-million in the same quarter of 2017, as its sales volumes increased and prices improved.
The miner, which operates the Riotinto mine in Spain maintains listings on the Aim and TSX exchanges, sold 43 927 t of copper concentrate, compared with 40 989 t in the same quarter last year, and realised an average price of $2.89/lb, compared with $2.66/lb a year earlier.
Cash costs increased to $1.88/lb payable copper, from $1.84/lb in the third quarter of 2017, while all-in sustaining costs remained unchanged at $2.23/lb.
Atalaya posted a net profit of €3.1-million, which is an increase on the €2.7-million reported in the third quarter of 2017. Its diluted earnings a share for the September 2018 quarter were 2.2c, compared with 2.3c a share in the prior-year period.
Cash flow from operating activities before changes in working capital was €7.7-million for the third quarter and net cash flow from operating activities after changes in working capital was €14.9-million. Net cash flows from operating activities after changes in working capital were €44.2-million for the nine-month period ended September 30.
The company affirmed its previously announced guidance of 39 000 t to 41 000 t of contained copper for the year. Its initial forecast was 37 000 t to 40 000 t.