LONDON (Alliance News) - Atalaya Mining PLC on Thursday reported a narrowed pretax loss in the third quarter of 2016, as it achieved revenue on increased levels of copper in concentrate production.
The European mining and development company said its pretax loss in the three months to the end of September narrowed to EUR1.5 million from EUR5.3 million the year before, as it generated sales of EUR27.2 million. It didn't book any revenue in the third quarter of 2015.
Despite the revenue boost, Atalaya was unable to make a profit due to increased administration and exploration expenses.
During the quarter, Atalaya produced 8,752 tonnes of copper in concentrate, which is almost double that produced in the second quarter of the year at 4,442 tonnes.
In the nine months to the same date, Atalaya made sales of EUR49.9 million and a pretax loss of EUR8.0 million. In the first nine months of 2015, it made no revenue while its pretax loss stood at EUR21.2 million.
"We are gradually beginning to see the fruits of our efforts with positive cash flows from our operations. The combination of falling operating costs and improved levels of recovery and production reflect the increasing on-site efficiencies. The effect of the recent increase in the copper price on our share price demonstrates our leverage to copper. With the plant working now almost at nameplate capacity we are well placed to benefit from any future improvements in the copper price," Chief Executive Alberto Lavandeira said in a statement.
Shares in Atalaya were trading up 6.7% at 148.30 pence on Thursday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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