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Atico Mining Reports Consolidated Financial Results for the First Quarter of 2019
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Comp
About this update from Atico Mining Corporation
[{"type":"text","content":" (All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 30, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended March 31, 2019, posting income from mining operations of $5.7 million and a net income of $2.7 million. Fernando E. Ganoza, CEO and Director, commented, “During the quarter we underwent a union negotiation which resulted in a strike significantly impacting our results for the period. This event negatively affected our production results while the impact on financial results was offset by strong sales of inventory carried forward from the previous year,” said Fernando E. Ganoza, CEO. “The Company has provided adjusted guidance for the remainder of the year and will focus on minimizing loss of production by this event.” First Quarter Financial Highlights Net income for the three months ended March 31, 2019 amounted to $2.7 million, compared with $0.4 million for the same period last year (“Q1-2018”). Net income for the period was affected by a significant increase in quantity of concentrate shipped and provisionally invoiced as compared to Q1-2018. Sales for the period increased 187% to $21.1 million when compared with $7.3 million in Q1-2018. The final 2018 shipment was delayed to the subsequent month for reasons beyond the control of the Company, which has increased the quantity of concentrate shipped and provisionally invoiced for Q1-2019. Copper (“Cu”) and gold (“Au”) accounted for 92.7% and 7.2% of the total amount provisionally invoiced during Q1-2019. The average realized price per metal on provisional invoicing was $2.81 (Q1-2018 - $3.16) per pound of copper and $1,305.53 (Q1-2018 - $1,332.69) per ounce of gold. Income from operations was $5.7 million (Q1-2018 - loss of $0.7 million) while cash flow from operations, before changes in working capital, was $9.1 million (Q1-2018 - $1.9 million). Cash used for capital expenditures amounted to $0.9 million (Q1-2018 - $2.2 million). Working capital was $12.1 million (December 31, 2018 - $7.2 million), while the Company had no outstanding long-term loans payable balance. Cash costs(1) were $116.49 per tonne of processed ore and $1.41 per pound of payable copper produced(2), decreases of 9% ...