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Atico Mining Reports Consolidated Financial Results for 2019
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, April 16, 2020 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Co
About this update from Atico Mining Corporation
[{"type":"text","content":" (All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, April 16, 2020 (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, 2019, posting income from mining operations of $16.3 million and a net income of $6.9 million. Production for the year at Atico’s El Roble mine totaled 16.8 million pounds (“lb”) of copper and 10,480 ounces (“oz”) of gold in concentrate at a cash cost(1) of $1.24 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, \"In 2019, the El Roble mine was significantly affected by the union negotiations which lead to a 75-day strike during the first two quarters. Despite these challenges, we were able to swiftly overcome setbacks and are pleased to report strong financial results for the year. The Company has improved in most financial metrics and yielded good results, particularly; showing a robust net income of $6.9 million and continued growth of our working capital position.” Mr. Ganoza continued, \"for 2020, our strong balance sheet and previous year’s results have placed the Company in a good financial position to navigate the current situation in the global markets. For the time being, we will continue with our planned activities at both El Roble and La Plata within the health and legal parameters set by the respective jurisdictions.\" 2019 Consolidated Financial Highlights Net income for the year ended December 31, 2019 amounted to $6.9 million, compared with $3.4 million for last year. Net income for the year was affected by an increase in concentrate shipped and provisionally invoiced, partially offset by lower realized copper price, as compared to 2018. Sales for the year increased 13% to $61.4 million when compared with 2018. Copper (“Cu”) and gold (“Au”) accounted for 86% and 14% of the total amount provisionally invoiced during the year. The average realized price per metal on provisional invoicing was $2.72 (2018 - $3.06) per pound of copper and $1,412.96 (2018 - $1,257.75) per ounce of gold. Working capital was $9.9 million (2018 - $7.2 million), while the Company had $2.2 million (2018 - $Nil) in long-term loans payable. Cash costs(1) were $114.97 per tonne of processed ore and $1.24 per pound of payabl...