(Alliance News) - Atalaya Mining PLC reported higher revenue in the third-quarter of 2019, despite a fall in both production and prices.
Revenue was EUR44.4 million for the three months to September, 3.7% higher than the year before, but copper production declined by 4.4% to 10,568 tonnes. The average realised copper price for the quarter was 7.2% lower at USD2.68 per pound.
The rise in revenue, Atalaya said, despite the production and price fall was due to higher sales volumes as well as better exchange rates.
Atalaya's earnings before interest, tax, depreciation, and amortisation rose 9.9% to EUR9.9 million, with profit more than doubling to EUR6.9 million.
Nicosia, Cyprus-based Atalaya mines from the Proyecto Riotinto in the Spanish province of Andalusia. It also owns the Proyecto Touro in north-west Spain, where mining was carried out in the 1970s and 1980s.
"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 15 million tonne per year expansion, illustrating the flexibility within the plant," said Chief Executive Alberto Lavandeira.
"With the additional power supply now fully up and running we are confident that our stated production rates will be met during the fourth quarter of 2019."
Shares in London were flat on Thursday at a price of 190 pence each.
By George Collard; georgecollard@alliancenews.com
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