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Copper producer Atalaya’s profit jumps in Q3 on higher prices, lower costs

European copper producer Atalaya Mining reported Thursday that its copper production was 12,541 tonnes in Q3 2023 (Q3 2022: 13,453 tonnes) at all-in sustaining costs (AISC) of $3.24/lb payable copper (Q3 2022: $3.49/lb).

The company generated revenues of €85.4 million in Q3 2023 (Q3 2022: €82.3 million), which were higher y-o-y due to higher realised copper prices, partly offset by lower sales volumes.

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The company’s operating costs were €66.3 million in Q3 2023 (Q3 2022: €86.6 million). Lower operating costs were mainly the result of lower electricity costs, partly offset by higher administrative and expensed exploration costs.

Atalaya added that its EBITDA was positive €19.1 million in Q3 2023 (Q3 2022: negative €4.3 million), mainly due to lower operating costs.

Importantly, the company reported profit after tax of €11.1 million in Q3 2023 (Q3 2022: €7.2 million loss) or 8.3 cents basic earnings per share (Q3 2022: 4.7 cents loss).

The company said it expects to achieve copper production at the lower end of its full year guidance range of 53,000 to 54,000 tonnes at cash costs of $2.80 to $3.00/lb copper payable and AISC of $3.00 to $3.20/lb copper payable.

CEO Alberto Lavandeira commented, “Atalaya continued to demonstrate good results across its key operational and financial metrics during Q3. Looking ahead, we have a strong cash position and are excited about our application for admission to the premium listing segment of the London Stock Exchange’s Main Market and the proposed re-domiciliation.”

Atalaya produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. In addition, the company has a phased earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena.


Source: Kitco

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