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Atico Mining Reports Consolidated Financial Results for 2018
VANCOUVER, British Columbia, April 30, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced it
About this update from Atico Mining Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, April 30, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the year ended December 31, 2018, posting income from mining operations of $12.8 million and a net income of $3.4 million. Production for the year at Atico’s El Roble mine totaled 21.9 million pounds (“lb”) of copper and 11,344 ounces (“oz”) of gold in concentrate at as cash cost(1) of $1.49 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, \"We are pleased to report very strong financial results for 2018. The Company has improved in most financial metrics and yielded good results, particularly; repayment of the long-term debt facility in full and continued growth of our working capital position. The operation delivered and exceeded the upper-limit of our guidance while also reducing operating costs in the second half of the year. Mr. Ganoza continued, \"In 2019 our primary goal will be to continue aggressively advancing our regional and underground exploration drill programs looking for new massive sulphides. In parallel, the search for a second asset remains to be a high priority as we continue to strive towards our goal of becoming a leading mid-tier producer.\" 2018 Consolidated Financial Highlights Net income for the year ended December 31, 2018 amounted to $3.4 million, compared with $4.0 million for last year. Net income for the year was impacted by the decreased quantity of concentrate shipped and provisionally invoiced as compared to 2017, partially offset by higher average realized copper price. Sales for the year decreased 4% to $54.6 million when compared with 2017. The final 2018 shipment was delayed to the subsequent month for reasons beyond the control of the Company, which has decreased the quantity of concentrate shipped and provisionally invoiced. The effect of the delayed shipment was partially offset by a higher realized copper price when compared to 2017. Copper (“Cu”) and gold (“Au”) accounted for 94.1% and 5.9% of the total amount provisionally invoiced during the year. The average realized price per metal on provisional invoicing was $3.06 (2017 - $2.94) per pound of copper and $1,257.75 (2017 - $1,301.69) per ounce of gold. Working capital was $7.2 million (2017 - $4....