(Alliance News) - Atalaya Mining PLC on Thursday dropped its 2019 copper production guidance as output fell in the third quarter.
For the three months to the end of September, the miner said production was 10,568 tonnes, down 4.4% from 11,055 tonnes the same period the year before, and 2.9% lower from 10,888 tonnes in the second quarter.
This was due to lower recovery levels at 87% from 88%, and a dip in copper grade at 0.47% from 0.50%.
As a result, Atalaya has lowered its copper production guidance for the year to the range of 44,000 to 45,000 tonnes, from 45,000 to 46,500 tonnes. In 2018, copper production amounted to 41,114 tonnes.
The average copper price in the third quarter was down to USD2.76 per pound of copper from USD2.81 the quarter before.
"The expansion project is ramping up towards full production and, despite delays to the increased electricity supply, the company expects the new plant to achieve its full 15 million tonnes per annum capacity by December 2019. Despite a slight reduction in production this quarter, we remain confident that our guidance levels for the remainder of the year will be met," said Chief Executive Officer Alberto Lavandeira.
Shares in Atalaya Mining were down 4.4% at 183.1 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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