Q2 and H1 2017 Interim Financial Statements
Acropolis, Cyprus (FSCwire) - Atalaya Mining plc (AIM: ATYM; TSX: AYM) is pleased to announce its unaudited quarterly results for the three and six months ended 30 June 2017, together with the unaudited, condensed, interim consolidated financial statements.
Operational Highlights
Proyecto Riotinto
· Copper production during Q2 2017 was 9,058 tonnes, 3% higher than copper production in the previous quarter of 8,805 tonnes. Copper production during H1 2017 was 17,863 tonnes compared with 8,489 tonnes during H1 2016.
· Ore processed during the quarter was 2,154,907 tonnes in line with previous quarter when ore processed was 2,196,299 tonnes. During H1 2017 ore processed was 4,351,206 tonnes compared with 2,442,728 tonnes during H1 2016.
· Copper recovery during the quarter was 85.16% slightly above the previous quarter of 84.63%. Copper recovery for H1 2017 averaged 84.90% representing an improvement over 82.20% during H1 2016.
· The Company maintains its copper production guidance for Proyecto Riotinto of 34,000 to 40,000 tonnes for 2017.
Expansion of Proyecto Riotinto
· In June 2017, the Board of Directors of the Company approved the commencement of a study to demonstrate the feasibility of increasing mining and processing capacity beyond the current 9.5 Mtpa, to a maximum of 15.0 Mtpa at Proyecto Riotinto. If proven feasible, copper production would reach approximately 50,000 tonnes per year.
Proyecto Touro
· In February of this year the Company announced the exercise of an option to acquire an initial 10% stake in Proyecto Touro. The agreement is based on a staged earn-in process to acquire up to 80% of the project. Proyecto Touro is located in Galicia, north-west Spain.
· The Company has also signed an option agreement to acquire exploration concessions that cover 122.7 km2 immediately surrounding Proyecto Touro, where mineralised copper occurrences are documented.
· Permitting of Proyecto Touro is progressing according to schedule. Metallurgical test-work has demonstrated that high grade clean concentrates and high recovery rates can be achieved.
· A technical report is at an advanced stage of development and is expected to be at a pre-feasibility level. Completion is anticipated during Q4 2017.
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Source: Atalaya Mining plc (TSX:AYM, AIM:ATYM)
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