LONDON (Alliance News) - European mining and development company Atalaya Mining PLC on Friday said its loss widened in 2015, but it remains focused on expansion of the Riotinto copper project in Spain.
Atalaya said its pretax loss for the year to the end of December was EUR15.0 million, widened from EUR11.2 million a year earlier, due to a higher foreign exchange loss and rising finance costs. The company does not generate any revenue.
Atalaya did declare commercial production in February 2016 and said the processing plant at the Riotinto project has now reached an annualised throughput rate of 4.9 million tonnes per year.
The company is discussing several options to finance short-term working capital requirements on the final stages of the expansion project at Riotinto, which will drive nameplate capacity up to 9.5 million tonnes a year by 2017.
Atalaya shares were down 2.4% to 101.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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