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Atalaya sees production increases in first full year of operations at Proyecto Riotinto
Cyprus-based copper company Atalaya Mining produced 37,164 tonnes of copper at its Proyecto Riotinto over its first full calendar year, up from the 26,179 tonnes mined in 2016.
Proyecto Riotinto reported a total throughput rate of 8.8m tonnes per year, with an average copper head grade of 0.49% and a recovery rate of 85.45%.
Both throughput rates and recoveries jumped slightly ahead of the third quarter in the three months leading to 31 December, as Atalaya reported a record quarterly copper production from the Spanish mine.
Copper production guidance for 2018 was forecast to come in between 37,000 and 40,000 tonnes.
Atalaya's new mining fleet, commissioned during the third quarter, became fully operational during the fourth, with two additional production drill rigs and a 90,000-litre water bowser having been delivered to the site, boosting hourly throughput rate due to better equipment availability.
The group said Proyecto Touro in northwest Spain had continued to progress to schedule
Atalaya chief executive Alberto Lavandeira, said: "Our first full year of production has been very satisfactory with continuously improving throughput and recoveries at historic highs and we are confident that our production guidance for 2018 will be on track.
"The decision to increase the plant's throughput to 15Mtpa marks another milestone in the regeneration of Proyecto Riotinto and we look forward to announcing revised reserves and resources in due course to meet this expansion," he added.
As of 1620 GMT, shares had dipped 0.54% to 184p.