Atalaya Mining PLC on Monday said that third-quarter production was continuing to progress, with the potential to deliver ‘significant’ production growth over the next few years.
The Spain-focused copper miner said the amount of ore mined at Proyecto Riotinto grew 11% to 4.2 tonnes in the third quarter ended September 30 from 3.8 tonnes a year prior. Ore mined also increased 11% from 3.8 million in the second quarter of 2024.
Waste mined was reduced 1.0% to 9.6 tonnes from 9.7 tonnes during the same three-month period last year, though it increased 28% in comparison to 7.5 million tonnes in the prior quarter.
Ore processed increased 10% to 4.3 tonnes from 3.9 tonnes the year before, and rose 4.9% from 4.1 million tonnes in the second quarter. This represented ‘strong plant performance above nameplate capacity of 15 million tonnes per annum’, Atalaya said.
Copper production fell 5.1% year-on-year to 11,897 tonnes from 12,541 tonnes, but grew 2.7% from the 11,583 tonnes reported in the second quarter of 2024 as a result of ‘strong plant throughput’. Copper grade was 0.32%, from 0.38% the year prior, and compared with 0.33% in the second quarter as a result of pit sequencing.
Atalaya Mining expects copper production for the full year to be at the lower end of the 45,000 tonnes to 50,000 tonnes guidance.
Full-year expectations for ore mined is 16 million tonnes, up 7.4% from 14.9 million in 2023, whilst full-year expectations for ore processed has been updated to between 15.7 million tonnes and 16.0 million tonnes, up to a 1.3% growth from 15.8 million last year.
Waste mined is now expected to be between 25 million tonnes and 30 million tonnes for the full year, falling at least 6.8% from 32.2 million year-on-year.
Chief Executive Officer Alberto Lavandeira said: ‘We continue to make progress across our asset portfolio, which has the potential to deliver significant production growth in the coming years. Waste stripping and permitting activities at San Dionisio are advancing as expected, and work continues at Masa Valverde ahead of the expected sanction of the access ramp. Both of these projects represent potential sources of higher grade material to feed our plant, which has been performing well.
‘At Touro, the permitting process is advancing well following the awarding of strategic industrial project status. The public information period is expected to begin soon, and we continue to receive strong support from the many stakeholders in the region.
‘The outlook for copper continues to be robust. Positive developments in key economies like the US and China are providing support for copper demand, while on the supply side, very few large growth projects are in the execution stages.’
Shares in Atalaya Mining were down 0.9% at 389.50 pence each in London on Monday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
