LONDON (Alliance News) - Atalaya Mining PLC on Tuesday said copper production from its Riotinto copper project in Spain almost doubled in the third quarter compared to the prior three months.
The company said copper production in the three months ended September 30 rose 97% to 8,752 tonnes from 4,442 tonnes in the second quarter. The increase came as Atalaya focused on removing the bottlenecks in the plant in the quarter and plant availability improved.
Atalaya said recoveries increased to 83.60% during the period, from 79.80% in the second quarter, with a recovery rate of 84.72% being achieved in September. The company said 2.0 million tonnes of ore were processed in the third quarter, up from 1.3 million tonnes in the second quarter.
Atalaya maintained its 2016 guidance for copper production at between 23,500 tonnes from 27,000 tonnes.
The company said it continues to work on alternative funding solutions to improve its working capital position during the final phase of its ramp-up to nameplate capacity.
"Production reported a substantial increase when compared with the second quarter of 2016, and the recovery rate has rebounded and exceeded our previously stated target rate for the plant. We continue to work towards nameplate capacity which we hope to achieve before the year end," said Chief Executive Alberto Lavandeira.
Shares in Atalaya were up 7.0% at 89.90 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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