Atalaya Mining PLC Nameplate Capacity Achieved (1694S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMATYM
RNS Number : 1694S
Atalaya Mining PLC
19 December 2016
Atalaya Mining Plc
("Atalaya" or the "Company")
(AIM: ATYM, TSX: AYM)
Nameplate capacity achieved at Riotinto Copper Project and
production guidance provided for 2017
Atalaya is pleased to report that nameplate capacity of 9.5Mtpa
was achieved during December 2016 at its 100% owned Riotinto Copper
Project ("Proyecto Riotinto"), located in Andalucía, Spain.
The plant reached nameplate capacity during a single run of ten
consecutive days during the early part of December, treating an
average of 28,685 dry metric tonnes per day and achieving design
recoveries and concentrate grades. After normal, scheduled
maintenance and plant availability parameters are considered, the
current treatment rates are enough to give comfort that the planned
9.5 Mtpa will be achieved during 2017.
Production guidance for 2017 is forecast to be in the range of
34,000 - 40,000 tonnes of copper which, at current copper prices,
is expected to generate positive operating cash flows for the
Company. The management team will continue to look for and
implement ways in which the operation could be further optimised in
terms of throughput, recoveries and cost efficiencies to further
improve the results of the Company.
In an effort to improve its working capital, the Company has
reached an agreement with the mining contractor to defer certain
payments totalling EUR8 million until 2018. By then, the Company
expects to be generating stronger cash flows on a sustained basis,
based on its operating budgets for 2017. This agreement covers a
significant part of the Company's current working capital needs and
demonstrates the excellent working relationship the Company enjoys
with one of its key stakeholders.
Alberto Lavandeira, CEO, commented:
"We are pleased to report that Proyecto Riotinto has achieved
its nameplate capacity in record time. I would personally like to
thank the entire Atalaya team for ensuring that we reached this
milestone before the end of 2016. We look forward to sustained
levels of production at Proyecto Riotinto in 2017 and beyond and we
will continue to look for ways to optimise our operations."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Contacts:
+34 959 59
Atalaya Mining plc Roger Davey / Alberto Lavandeira 28 50
---------------------------- ---------------------------------- ------------
Canaccord Genuity (NOMAD Henry Fitzgerald-O'Connor +44 20 7523
and Joint Broker) / Martin Davison 8000
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BMO Capital Markets (Joint Jeffrey Couch/Neil Haycock/Tom +44 20 7236
Broker) Rider 1010
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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