Business
Early Commissioning of Expansion & Q1 Financials
Early Commissioning of Expansion & Q1 Financials.
About this update from Atalaya Mining Copper Sa
[{"type":"text","content":"\n \nRNS Number : 3288Z Atalaya Mining PLC 26 May 2016 \n\n26 May 2016\nAtalaya Mining Plc\n(\"Atalaya\" or the \"Company\")\nEarly Commissioning of Expansion Project and Release of Q1 2016 Financial Statements\n \nAtalaya Mining plc (AIM: ATYM, TSX: AYM), the European mining and development company announces its unaudited quarterly results for the three months ended 31 March 2016, together with the unaudited, condensed interim consolidated financial statements.\nThe quarterly results, including the unaudited, condensed interim consolidated financial statements shown below, are also available on the Company's website at www.atalayamining.com.\nOperational Highlights\n· As part of the final ramp-up of the Riotinto plant, commissioning of the Phase I operational stage (5.0Mtpa) resulted in the Company producing 4,048 tonnes of copper during the first quarter of 2016. Commercial production, for accounting purposes, was declared as of 1 February 2016.\n· During March, production was 1,465 tonnes of copper with recoveries of 82.5%, which represented the first month of normalised production. Copper concentrates were transported to the port of Huelva.\n· Production cash costs for February and March 2016 (post commercial production) amounted to US$2.20/lb and reflect the variations common during the ramp-up process. These cash costs are not indicative of the anticipated costs of production and the Directors expect these to improve as production progresses from the ramp-up phase through to steady state production of 9.5 Mtpa.\n· Phase I plant ramp-up continued to perform well in April with recoveries of approximately 85%. Plant availability during this period was 94.7% and the process rate was 571 t/hr, equivalent to 4.7Mtpa. Production reached 1,373 tonnes of copper during the first 20 days of the month before the tailings discharge was provisionally suspended by the Junta de Andalucía.\n· During this brief suspension period, the site teams took the opportunity to integrate the new Expansion equipment into the existing Phase I section. Since the suspension was lifted, production has been ramping up continuously and during May has achieved hourly production levels over 50% ...