NICOSIA, CYPRUS (FSCwire) - Atalaya Mining Plc (AIM: ATYM; TSX: AYM) is pleased to announce its audited consolidated results for the year ended 31 December 2017.

 

Operational Highlights

Proyecto Riotinto

 

·      2017 has been the first full year of commercial production with throughput reporting 8.8 million tonnes of ore processed and stable operations quarter-on-quarter.

 

·      Copper production was 37,164 tonnes, in line with 2017 guidance and 42% higher than 26,179 tonnes produced in 2016. 

·      Copper grade was also consistent with estimates averaging 0.50% for 2017, in line with previous year.

 

·      Recovery rate was above estimates, increasing to approximately 85.5%, a material improvement on 2016 rate of 83.3%.

 

·      2018 production guidance targeting an improvement on 2017, with contained copper estimated within 37,000 - 40,000 tonnes.

 

Expansion of Proyecto Riotinto

 

·      In June 2017, the Board of Directors approved a feasibility study to increase mining and processing capacity to 15.0 Mtpa.

 

·      The study was completed in Q3 2017, concluding that the expansion was technically and financially robust.

 

·      The expansion project was then approved for implementation in Q4 2017. The Group raised funds of €34.7 million to launch the expansion in December 2017.

 

·      The capital cost estimate is €80.4 million with commissioning scheduled for the second half of 2019. Total copper production is estimated to reach 50,000 - 55,000 tonnes per year once the expansion project is fully operational.

 

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http://www.rns-pdf.londonstockexchange.com/rns/0042J_1-2018-3-27.pdf

 

This information is provided by RNS

The company news service from the London Stock Exchange

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public://news_release_pdf/atalayamining03272018.pdf

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Source: Atalaya Mining Plc (TSX:AYM, AIM:ATYM)

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