Results for the year ended 31 December 2017

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.

Click on, or paste the following link into your web browser, to view the announcement in full. 

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

To view the original release, please click here

To follow Atalaya Mining Plc on your favorite social media platform or financial websites, please click on the icons below.

Maximum News Dissemination by FSCwire. https://www.fscwire.com

Copyright © 2018 FSCwire