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Atico Mining Reports Consolidated Financial Results for the Second Quarter of 2019 and Provides Corporate Update
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Com
About this update from Atico Mining Corporation
[{"type":"text","content":" (All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Aug. 13, 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 June 30, 2019, posting income from mining operations of $0.3 million and a net loss of $0.4 million. Fernando E. Ganoza, CEO and Director, commented, “The union negotiations which led to a strike at the El Roble mine limited our ability to deliver on operational and financial objectives for the quarter. Despite the limited amount of operating days in the first six months, the Company’s balance sheet remained resilient to this event and demonstrated further growth in working capital,” said Fernando E. Ganoza, CEO. “For the second half of the year, the Company will continue working towards achieving the adjusted operational objectives while remaining focused on the exploration program on the larger land package.” Second Quarter Financial Highlights Net loss for the three months ended June 30, 2019 amounted to $0.5 million, compared with income of $2.8 million for the same period last year (“Q2-2018”). Net loss for the period was significantly affected by the seventy-five-day strike which lead to a decrease in quantity of concentrate shipped and provisionally invoiced along with a decrease in realized copper price as compared to Q2-2018. Sales for the period decreased 66% to $6.9 million when compared with $20.4 million in Q2-2018. Copper (“Cu”) and gold (“Au”) accounted for 82.7% and 17.3% of the total amount provisionally invoiced during Q2-2019. The average realized price per metal on provisional invoicing was $2.69 (Q2-2018 - $3.16) per pound of copper and $1,410.62 (Q2-2018 - $1,297.33) per ounce of gold. Loss from operations was $0.8 million (Q2-2018 - income of $4.9 million) while cash flow from operations, before changes in working capital, was negative $1.2 million (Q2-2018 - positive $5.4 million). Cash used for capital expenditures amounted to 1.8 million (Q2-2018 - $3.8 million). Working capital was $9.2 million (December 31, 2018 - $7.2 million), while the Company had no outstanding long-term loans payable balance. Cash costs(1) were $130.76 per tonne of processed ore and $1.59 per pound of payable copper produced, which were de...