Atalaya Mining PLC on Thursday maintained annual production guidance but posted a copper output decline for the first quarter.
The miner, with operations in Spain, specialises in producing copper and other critical metals needed for the transition to sustainable energy.
Atalaya said copper production fell 12% during the first quarter to 10,666 tonnes from 12,139 tonnes during the same period last year.
‘Lower production in Q1 2024 was mainly the result of lower grades and recoveries,’ Atalaya said.
Last year, the company produced 51,667 tonnes. For this year, it expects production between 51,000 and 53,000 tonnes.
Chief Executive Officer Alberto Lavandeira added: ‘Ongoing supply challenges and growing demand from renewables and new technologies have supported the copper price in recent weeks. We continue to believe this is the right time to invest in our growth pipeline in order to capitalise on the expected copper deficits in the coming years.’
Copper rose as high as $9,532 per tonne on Wednesday, its loftiest level since January 2023.
Atalaya shares were down 1.5% to 420.00 pence each in London on Thursday morning.
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