Atalaya Mining revenues rise while earnings slide

The AIM-traded firm said its EBITDA was lower for the six months ended 30 June, however, at €22.11m, compared to €31.54m last year.

That was the result of higher operating costs of €95.63m, compared to €63.24m in the first half of 2019.

Basic earnings per share came in at 4.6 euro cents, down from 15.4 cents, while cash flows from operations rose to €23m from €14.97m.

Atalaya did suffer from a lower average realised copper price in the period, of $2.54 per pound, down from $2.80 per pound, while its all-in sustaining costs rose to $2.25 per pound from $2.06 per pound.

“Despite the challenges of Covid-19, our Proyecto Riotinto site continues to perform well, with copper production and ore milled both increasing over the quarter and half year and our production and cash costs on track to meet our full year guidance,” said chief executive officer Alberto Lavandeira.

“The work the Atalaya team has carried out during this time gives me immense pride as our key priority continues to be protecting our workforce and the local communities surrounding both Proyecto Riotinto and Proyecto Touro.

“Looking ahead, the completion of the Proyecto Riotinto expansion in 2019 means that Atalaya is well positioned to continue benefiting from higher copper concentrate sales and the improved commodity price environment.”

At 1302 BST, shares in Atalaya Mining were up 1.32% at 192.5p.