Atalaya posts 'solid' first half amid strong copper price environment

The AIM-traded firm said cash flows from operating activities improved to €71m for the six months ended 30 June, from €23m a year ago, as a result of “robust” operational performance at Proyecto Riotinto, combined with strong copper prices.

Total cash at period end was €92.8m, up from €37.8m at the end of 2020.

Atalaya said it maintained a “strong” balance sheet through the period, with net cash of €37.8m on 30 June, after drawing down facilities to pay Astor during the first quarter.

“Atalaya has had another solid quarter and half year, driven by its robust operational performance and strong copper prices,” said chief executive officer Alberto Lavandeira.

“Our team that delivered this financial performance also continues to focus on delivering new efficiencies to further increase shareholder value, including looking at new technologies to increase productivity and reducing our carbon footprint.”

At 0936 BST, shares in Atalaya Mining were up 1.75% at 314.4p.