Business
Atico Mining Reports Financial Results for First Quarter of 2020
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 20, 2020 (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 20, 2020 (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, 2020 (“Q1-2020”), posting loss from mining operations of $1.4 million and a net loss of $1.6 million. Fernando E. Ganoza, CEO and Director, commented, \"Even though the mine operated within the Company's guidance and achieved planned concentrate production in the first quarter, the financials were negatively impacted by only one smaller concentrate shipment in the period, as well as a lower settlement copper price for past shipments. We anticipate a larger concentrate shipment and stabilized financial results for the second quarter. At El Roble, the Company will continue to focus on improving the all-in sustaining cash cost of $1.61 achieved in the quarter and the planned exploration program. At La Plata, the focus will be on the drill program and advancing the feasibility study.” Mr. Ganoza continued, \" we are pleased to report that to date we do not have any known COVID-19 cases at any of our operations. Health and safety of all of our employees is our first priority where we place tremendous emphasis as we continue to operate during these unprecedented times.” First Quarter Financial Highlights Net loss for the three months ended March 31, 2020 (“Q1-2020”) amounted to $1.6 million, compared with income of $2.7 million for the same period last year (“Q1-2019”). Net loss for the quarter was substantially impacted by a significant decline in copper price, which affected the concentrate shipped during both Q1-2020 and the previous quarter, under the provisional sale and settlement terms of the Company’s off-take agreement. Concurrently, there was a decrease in concentrate shipped and invoiced, as compared to Q1-2019. Sales for the period decreased 64% to $7.6 million when compared with $21.1 million in Q1-2019. Copper (“Cu”) and gold (“Au”) accounted for 86% and 14% of the 8,588 (Q1-2019 - 14,499) dry metric tonnes (“DMT”) shipped and invoiced during Q1-2020. The average realized price per metal on invoicing was $2.18 (Q1-2019 - $2.81) per pound (“lbs”) of copper and $1,578 (Q1-2019 - $1,306) per ounce (“oz”) of gold. Working capital was $7.2...