Atalaya Mining posts third quarter profit as operating costs slashed

(Alliance News) - Atalaya Mining PLC on Thursday reported a swing to a third-quarter profit amid mild revenue growth, as operating and administrative costs were reduced by more than a quarter.

The Nicosia-based Europe-focused copper producer said in the third quarter of 2023, it swung to a pretax profit of EUR10.7 million from a loss of EUR8.2 million a year prior.

Revenue climbed 3.7% to EUR85.4 million from EUR82.3 million. Notably, operating costs and mine site administrative expenses contracted by 26% to EUR62.3 million from EUR84.5 million.

Looking ahead, Atalaya Mining for 2023 anticipates achieving the lower end of a copper production guidance range of 53,000 to 54,000 tonnes, albeit still at least 1.4% higher than 52,269 tonnes in 2022.

Atalaya Mining shares were 0.7% lower at 307.00 pence each on Thursday morning in London.

By Tom Budszus, Alliance News reporter

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