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Atalaya Mining PLC Announces Third Quarter Financial Results

November 21, 2019
Unaudited, Condensed, Interim, Consolidated Financial Statements for the period ended 30 September 2019 NICOSIA, CYPRUS / ACCESSWIRE / November 21, 2019 / Atalaya Mining Plc (AIM:ATYM) (TSX:AYM), the European mining and development company, ...
Unaudited, Condensed, Interim, Consolidated Financial Statements for the period ended 30 September 2019 NICOSIA, CYPRUS / ACCESSWIRE / November 21, 2019 / Atalaya Mining Plc (AIM:ATYM) (TSX:AYM), the European mining and development company, ...

Unaudited, Condensed, Interim, Consolidated Financial Statements for the period ended 30 September 2019

NICOSIA, CYPRUS / ACCESSWIRE / November 21, 2019 / Atalaya Mining Plc (AIM:ATYM) (TSX:AYM), the European mining and development company, is pleased to announce its quarterly results for the period ended 30 September 2019 (“Q3 2019”), together with the Unaudited, Condensed, Interim, Consolidated Financial Statements.

Financial Highlights

Quarter ended 30 September

Q3 2019

Q3 2018

Nine months ended

30 Sept 2019

Nine months ended

30 Sept 2018

Revenues from operations

€k

44,383

42,811

139,165

144,354

Operating costs

€k

(34,514)

(35,152)

(97,752)

(102,311)

EBITDA

€k

9,869

7,659

41,413

42,043

Profit for the period

€k

6,933

3,133

27,937

27,625

Earnings per share

€ cents/share

5.1

2.2

20.5

20.4

Cash flows from operating activities

€k

16,487

14,937

31,457

44,151

Cash flows used in investing activities

€k

(13,115)

(20,414)

(45,390)

(41,704)

Cash flows (used)/from financing activities

€k

(158)

-

(430)

593

Average realised copper price

$/lb

2.68

2.89

2.76

3.02

Cu concentrate produced

(tonnes)

45,458

44,562

137,281

134,130

Cu production

(tonnes)

10,568

11,055

31,675

30,942

Cash costs

$/lb payable

1.92

1.88

1.85

2.00

All-In Sustaining Cost

$/lb payable

2.25

2.13

2.12

2.35

Please click on, or paste the following link into your web browser to view the full announcement;

http://www.rns-pdf.londonstockexchange.com/rns/1311U_1-2019-11-20.pdf

Operational Highlights

Proyecto Riotinto

Expansion to 15Mtpa at Proyecto Riotinto (“Expansion Project”)

Proyecto Touro

Legal updates

On 29 March 2019, the Company announced that it had received notification from the Supreme Court in Spain that it did not have jurisdiction over the appeal made by the Junta de Andalucía (“JdA”) and therefore the announced ruling by the Tribunal Superior de Justicia de Andalucía (“TSJA”) dated 26 September 2018 remains valid.

On 26 April 2019, the Company announced that a judgment relating to the Mining Permits to operate Proyecto Riotinto (the “Mining Permits”) was handed down by the TSJA. The TSJA declared the Mining Permits are linked to the environmental permits, ruled by the same tribunal in September 2018. The new ruling on the Mining Permits is based on the requirement to have an environmental permit before issuing Mining Permits and therefore invalidates the existing mining permits. The TSJA did not accept the requests by Ecologistas en Accion (“EeA”) for the cessation of activities at the mine and an increase in the scope of the environmental plan.

On 20 November 2019, the Company received an informal notification that its appeal to the Supreme Court on the ruling handed down by the TSJA on 26 April 2019 had been rejected. The Company has been advised by its lawyers that the rejection has no impact over the Company’s legal status quo.

The JdA is undergoing the process to resolve the previously reported administrative issues identified by the TSJA relating to the Environmental and Mining Permits. The Company continues operating the mine normally and remains confident that the ongoing process carried out by the JdA will not impact its operations at Proyecto Riotinto.

Alberto Lavandeira, CEO commented:

“We are pleased to demonstrate another strong quarter of operations at Proyecto Riotinto which was achieved at the same time as completing and testing of the new 15Mtpa expansion, illustrating the flexibility within the plant. With the additional power supply now fully up and running we are confident that our stated production rates will be met during Q4 2019.”

This announcement contains information which, prior to its publication constituted inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Contacts:

Newgate Communications

Elisabeth Cowell / Adam Lloyd / Tom Carnegie

+ 44 20 3757 6880

4C Communications

Carina Corbett

+44 20 3170 7973

Canaccord Genuity (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor / James Asensio

+44 20 7523 8000

BMO Capital Markets (Joint Broker)

Tom Rider / Michael Rechsteiner

+44 20 7236 1010

Peel Hunt LLP (Joint Broker)

Ross Allister / David McKeown

+44 20 7418 8900

About Atalaya Mining Plc

Atalaya is an AIM and TSX-listed mining and development group which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. In addition, the Group has a phased, earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is currently in the permitting stage. For further information, visit www.atalayamining.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit www.rns.com.

SOURCE: RNS London Stock Exchange

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