Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Atalaya Mining reported more than 25pc inclines in copper concentrate production in the H1 and Q2 2020, compared to the prior-year periods. 


The Cyprus headquartered miner’s copper production guidance for the year remained intact, ranging from 55,000-58,000mt, despite a five-day shutdown of its Brazilian Proyecto Rio Tinto mine in early April. 


The company acquired 80pc of Cobre San Rafael’s Spanish Proyecto Tuoro copper mine in February but has not been able to begin production due to restrictions imposed by the local environment ministry, Atalya said in its earnings report. 


In H1 2020, Atalaya produced 26,864mt of copper, up 27.2pc from 21,108mt in the prior-year period. Copper concentrate accounted for almost 120,941mt, climbing 31.7pc during the period from 91,823mt in H1 2019. 


In the second quarter, the group’s copper output rose by 25.2pc to 13,635mt, compared with 10,888mt in the same quarter last year. Ore processing in the same comparative period inclined by 25.9pc to 60,938mt from 48,382mt. 


The company realized an average copper sales price of $2.54/lb and $2.51/lb in H1 2020 and Q2 2020, respectively. 


Atalaya posted an EBITDA profit of €22.1mn ($26.1mn) in H1 2020, a decline of 42.6pc from €31.5mn in the first half of 2019. However, EBITDA rose by 6pc in Q2 2020 to €12.8mn from €12mn in the same quarter last year. 


($1 = €0.84)


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