Business
Atico Mining Reports Consolidated Q2 2017 Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2017) - Atico Mining Corporation (the "Company" or "Atico") (TSX VENTURE:ATY) (OTC PINK:ATCMF) today announ
About this update from Atico Mining Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2017) - Atico Mining Corporation (the \"Company\" or \"Atico\") (TSX VENTURE:ATY) (OTC PINK:ATCMF) today announced its financial results for the three months ended June 30, 2017, posting a net income of $0.62 million. Fernando E. Ganoza, CEO and Director, commented, \"We are pleased to report a strong second quarter with improvements in most operating and financial metrics over the same period last year. Overall, the financial performance and position of the Company has improved significantly in the first half of the year over the same period last year. We anticipate this trend will continue throughout the remainder of 2017. Mr. Ganoza continued, \"For the second half of this year, our continued emphasis will be on further strengthening our balance sheet, improving production costs and focusing on the regional and underground exploration drill programs.\" Second Quarter Financial Highlights Net income for the three months ended June 30, 2017 (\"Q2-2017\") amounted to $0.62 million, compared with loss of $1.41 million for the same period last year (\"Q2-2016\"). Net income for the quarter was positively affected by an increase in revenue (increase in realized copper price of 26.4%), partially offset by an increase in direct mining and processing costs and a decrease in non-operating income. Sales for the period increased 285% to $14.1 million when compared with Q2-2016. The increase is due to an increase in concentrate shipped and provisionally invoiced and a higher realized copper price as compared to Q2-2016. Copper (\"Cu\") accounted for 95.3% and gold (\"Au\") 4.7% of total amount provisionally invoiced during Q2-2017. The average realized price per metal on provisional invoicing was $2.63 (Q2-2016 - $2.08) per pound of copper and $1,248.83 (Q2-2016 - $1,263.85) per ounce of gold. Working capital was $3.9 million (December 31, 2016 - $1.7 million) while long-term loans payable outstanding was $5.1 million (December 31, 2016 - $5.6 million). Cash costs(1) were $115.37 per tonne of processed ore and $1.30 per pound of payable copper produced(2), a 28% and 35% increase over the same period last year, respectively. Income from operations was $2.32 million while cash flow from operations, before changes in working capital was $4.64 million. Cash used for capital expenditures amo...