Atalaya Mining 4Q Production Was Better Than Guided — Commodity Comment

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Jaime Llinares Taboada. By

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Atlay Mining Plc reported on Thursday that its copper production was higher than expected in the fourth quarter. Here’s what the owner of the Proyecto Riotinto mine in Spain had to say:

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on production:

“Consistent performance in Q4 2021 with higher than expected 13,885 tonnes of copper in production due to better metallurgical recovery which offsets slightly lower head grades.”

“A new annual production record of 56,139 tonnes of copper was achieved in 2021, exceeding Atalaya’s increased guidance for the full year despite operational challenges and risks related to COVID-19 restrictions.”

on prices:

“Copper prices increased during Q4 2021 compared to Q4 2020 and Q3 2021, with the average real value of copper payable per pound, closing in the period at $4.36/lb compared to $4.36/lb in the previous quarter Including QPs gone.”

at the cost:

“All-in Sustainable Costs (“AISC”) for 2021 are expected to remain slightly below the low end of the revised 2021 cost guidance, primarily due to the strengthening of the US dollar against the euro and higher copper tonnage production. Is.

On 2022 guidance:

“The full year 2022 copper production is estimated to be in the range of 54,000 to 56,000 tonnes.”

“Mining grades during 2022 are expected to be slightly higher than in 2021 due to pit sequestration. In addition, the plant optimization initiatives outlined below are expected to further support copper production.”

“During December 2021 and into early January 2022, the sharp increase in wholesale European gas prices has led to a significant increase in energy prices in Spain. Whether volatility and current energy prices remain for a sustained period, remains unclear. expects its operating budget and production guidance for 2022 may need to be revised.”

“In the event that energy prices remain elevated for a sustained period, possible measures may include temporary modifications to the mine plan, throughput reductions during periods of peak energy prices, or a reduction in discretionary spending.”

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT

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