SOURCE: Atalaya Mining PLC

October 11, 2016 02:00 ET

Atalaya Mining PLC Announces Q3 2016 Operational Update

Copper Production Doubles as Plant Expansion Ramp-Up Continues

NICOSIA, CYPRUS--(Marketwired - Oct 11, 2016) - Atalaya (AIM: ATYM) (TSX: AYM), the European mining and development company provides an operations update for Q3 2016 for Proyecto Riotinto.

Q3 2016 Highlights

  • Production during Q3 2016 was 8,752 tonnes of copper in concentrate (Q2 2016: 4,442 tonnes). This represents a 97% increase quarter on quarter.
  • Recoveries increased to 83.60% during Q3 2016 (Q2 2016: 79.80%), with a recovery rate of 84.72% being achieved during September 2016.
  • 2.0 million tonnes of ore were processed during Q3 2016 (Q2 2016: 1.3 million tonnes).
  • Atalaya maintains its copper production guidance of 23,500 to 27,000 tonnes for 2016.
  • Filing of an updated NI 43-101 technical report for the Riotinto Copper Project.
  • Completion of US$14 million copper concentrate prepayment funding agreement with Transamine Trading S.A.

Production Ramp-up
During Q3 2016, the Company focused on ramping up production to 9.5Mtpa. Plant availability during the quarter improved over previous quarters. The Company is aiming to be operating at nameplate capacity by the end of 2016.

Mining and Processing
Total production of copper in concentrate almost doubled to 8,752 tonnes in Q3 2016, compared with production of 4,442 tonnes in Q2 2016.

  • Recovery rates improved during Q3 2016, averaging 83.60%, with September reporting 84.72%.
  • Final grade in concentrate for Q3 2016 was 20.47% compared with 21.54% in Q2 2016.
  • Tonnes processed during Q3 2016 increased by over 50% to 2.0 million tonnes, up from 1.3 million tonnes in Q2 2016.
  • Ore extraction during Q3 2016 totalled 2.1 million tonnes compared with 1.3 million tonnes in Q2 2016.
  • Marginal ore extracted during Q3 2016 was 557 thousand tonnes compared with 177 thousand tonnes in Q2 2016.
  • A total of 3.4 million cubic metres of waste was removed during Q3 2016 compared with 1.3 million cubic metres in Q2 2016.

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Contact Information

  • Contacts:
    Atalaya Mining plc
    Roger Davey / Alberto Lavandeira
    +34 959 59 28 50

    Canaccord Genuity (NOMAD and Joint Broker)
    Henry Fitzgerald-O'Connor / Martin Davison
    +44 20 7523 8000

    BMO Capital Markets (Joint Broker)
    Jeffrey Couch/Neil Haycock/Tom Rider
    +44 20 7236 1010