Atalaya Mining PLC (ATYM:AIM; AYM:TSX)
Focused on ramping up production to 9.5Mtpa, to achieve nameplate capacity by the end of 2016. Completed a US$14M copper concetrate prepayment agreement with Transamine Trading S.A. The company is working on additional, alternative funding solutions to improve working capital for final phase of ramp-up; capex for H1 was €17.1M.
Q3 2016 highlights.
- Production increased 97% over Q2 to 8,752 tonnes of copper in concentrate.
- Recoveries rebounded to 83.60% exceeding target rate; September recoveries achieved 84.72% versus Q2: 79.80%.
- Maintains copper production guidance of 23,500 – 27k tonnes for 2016.
- Filed an updated NI 43-101 for the Riotinto Copper Project showing a 12% increase in contained reserves to 153M tonnes at 0.45% Cu, extending mine life to 16.5 years.
- Dewatering of Cerro Colorado open pit is progressing on schedule.
Q3 2016 Mining & Processing
- Tonnes processed increased by over 50% to 2M tonnes from 1.3M tonnes in Q2.
- Marginal ore extracted 557k tonnes versus 177k tonnes in Q2.
- Final grade in concentrate 20.47% versus 21.54% in Q2.
- 3.4M cubic metres of waste removed versus 1.3M cubic metres in Q2.