European copper producer Atalaya Mining reported Thursday that its copper production was 12,541 tonnes in Q3 2023 (Q3 2022: 13,453 tonnes) at all-in sustaining costs (AISC) of $3.24/lb payable copper (Q3 2022: $3.49/lb).

The company generated revenues of €85.4 million in Q3 2023 (Q3 2022: €82.3 million), which were higher y-o-y due to higher realised copper prices, partly offset by lower sales volumes.

The company’s operating costs were €66.3 million in Q3 2023 (Q3 2022: €86.6 million). Lower operating costs were mainly the result of lower electricity costs, partly offset by higher administrative and expensed exploration costs.

Atalaya added that its EBITDA was positive €19.1 million in Q3 2023 (Q3 2022: negative €4.3 million), mainly due to lower operating costs.

Importantly, the company reported profit after tax of €11.1 million in Q3 2023 (Q3 2022: €7.2 million loss) or 8.3 cents basic earnings per share (Q3 2022: 4.7 cents loss).

The company said it expects to achieve copper production at the lower end of its full year guidance range of 53,000 to 54,000 tonnes at cash costs of $2.80 to $3.00/lb copper payable and AISC of $3.00 to $3.20/lb copper payable.

CEO Alberto Lavandeira commented, “Atalaya continued to demonstrate good results across its key operational and financial metrics during Q3. Looking ahead, we have a strong cash position and are excited about our application for admission to the premium listing segment of the London Stock Exchange’s Main Market and the proposed re-domiciliation.”

Atalaya produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. In addition, the company has a phased earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena.

Source: Kitco