Atalaya Mining PLC AGM Statement (5705D)
27 June 2019 - 4:01PM
UK Regulatory
TIDMATYM
RNS Number : 5705D
Atalaya Mining PLC
27 June 2019
27 June 2019
Atalaya Mining Plc
("Atalaya" or the "Company")
2019 AGM Statement
At Atalaya Mining's AGM, to be held at 11.00 a.m. (UK) today at
Portland House, Bressenden Place, London, Greater London SW1E 5RS,
United Kingdom, Roger Davey, non-executive Chairman, will make the
following statement:
"I am delighted to report 2018 has been another year of new
records achieved at your Company's operating project, Riotinto.
Throughput and metallurgical recoveries increased year-on-year
as a result of continuous improvements. The ore processing
throughput rate was steadily increased during 2018 to achieve a
cumulative plant throughput of 9.8Mtpa, with copper production of
42,100 tonnes, an increase of around 13% from the 37,200 tonnes
produced in 2017. The average process plant feed grade of 0.49%
copper was consistent with reserve estimates and the process
recovery rate improved in 2018 to 88.30% from 85.45% in 2017. Cash
operating costs for 2018 of $1.94/lb were well below the original
forecast guideline of $2.15/lb to $2.30/lb.
With only minimal interruption to process throughput, the
installation of new equipment to expand the design throughput from
the present 9.5Mtpa to 15Mtpa throughput has been progressing
throughout the year, with an 80% overall project completion at the
end of December 2018. Engineering and procurement are now complete
and all equipment is on site with the project having now been
commissioned.
Mining operations progressed according to plan during 2018 and
the additional mining equipment is now available on site in
anticipation of the increased mining output scheduled for the
second half of 2019.
Exploration and definition drilling continued throughout the
year. The Company filed an updated NI 43-101 technical report for
an updated resources and reserves estimate for Proyecto Riotinto in
July 2018 with a 29% increase in proven and probable reserves, a
21% increase in contained Copper and a reduction in the strip ratio
from 1.95:1 to 1.43:1. Allowing for the expanded 15Mtpa throughput,
this provides a resultant life of mine reserve of 13.8 years.
Project evaluation work has continued on the Proyecto Touro in
Galicia with the Environmental Impact Assessment completed in Q4
2018.
Proyecto Riotinto has also experienced some challenges in the
past year. In 2018, a court ruling was handed down identifying a
procedural error by the Junta de Andalucía in granting the
environmental authorisation (Autorización Ambiental Unificada or
"AAU") to Atalaya in 2014. The Company is currently in discussions
with the Junta de Andalucía to resolve the issue identified by the
Court and the mine continues to operate as usual as the court
ruling does not prevent its normal functioning. The Junta de
Andalucía has been publicly supportive of the continuation of the
operation and of the mining sector and we are confident that the
matter raised by the court ruling will be addressed soon with no
impact on our operation.
The Group remains focused on growth opportunities, both
internally by expanding Proyecto Riotinto and progressing Proyecto
Touro and externally by the technical review of non-Atalaya
assets.
Finally, I would like to offer my sincere thanks for the
continued commitment and efforts of our management and staff, for
the continued support and contributions of all the board members
and, last but not least, for the continued support of our valued
shareholders.
Once again, we can look to the year ahead with continued
confidence and optimism."
Contacts:
Elisabeth Cowell / Adam + 44 20 3757
Newgate Communications Lloyd / Tom Carnegie 6880
+44 20 3170
4C Communications Carina Corbett 7973
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Canaccord Genuity (NOMAD Henry Fitzgerald-O'Connor +44 20 7523
and Joint Broker) / James Asensio 8000
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BMO Capital Markets Jeffrey Couch / Tom Rider +44 20 7236
(Joint Broker) / Michael Rechsteiner 1010
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About Atalaya Mining Plc
Atalaya is an AIM and TSX-listed mining and development group
which produces copper concentrates and silver by-product at its
wholly owned Proyecto Riotinto site in southwest Spain. In
addition, the Group has a phased, earn-in agreement for up to 80%
ownership of Proyecto Touro, a brownfield copper project in the
northwest of Spain which is currently in the permitting stage. For
further information, visit www.atalayamining.com
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END
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