Copper mining company Atalaya Mining (LON:ATYM) marked an impressive end to FY19 with the publication of its Q4 results.
The Company reported record copper production of 13,527 tonnes during the fourth quarter, up from 11,172 tonnes year-on-year and 10,568 tonnes the previous quarter.
This allowed the full year to end on a high. Full-year copper production bounced 6.7% on-year, from 42,114 tonnes to 44,950 – which was at the upper end of the company’s guidance.
The Group did note, however, that its annual copper recovery rate dropped from 88.30% to 87.09%, which was driven by lower recovery rates during Q4, which it attributed to the ramp-up of the SAG mill.
Atalaya Mining comments
CEO of the company, Alberto Lavandeira, stated,
“We are pleased to have completed the expansion at Proyecto Riotinto which is now successfully operating at the increased annualised capacity of 15Mtpa since January 2020. We are also pleased to have delivered production rates at the higher end of our expectations in the final quarter of the year. This track record gives us confidence in our ability to achieve our increased 2020 production forecasts.”
Investor notes
Elsewhere in mining; Serabi Gold (LON: SRB) finished with its highest quarterly production, AMG Advanced Metallurgical Group N.V. (AMS: AMG) announced a new appointment, ARC Minerals Ltd (LON: ARCM) uncovered high-grade copper assays and Lucara Diamond Corp (TSE: LUC) was pessimistic in its revenue guidance.
Following the update, Atalaya Mining shares rallied 1.15% or 2.24p to 196.24p 16/01/19 14:41 GMT. Peel Hunt reiterated its ‘Buy’ stance on the stock, the Company’s p/e ratio is 8.93.