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Atico Mining Reports Financial Results for Second Quarter of 2021
VANCOUVER, British Columbia, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its
About this update from Atico Mining Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 17, 2021 (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, 2021 (“Q2-2021”), posting income from mining operations of $4.9 million and a net income of $0.6 million. Fernando E. Ganoza, CEO and Director, commented, “Similarly to the previous quarter, the challenging situation in country and severe weather conditions resulted in operational setbacks, a slight loss of production and an increase in cash cost. The costs were partially mitigated by higher realized metal prices leading to a cash margin of $3.23 per pound of payable copper. Despite these challenges, the Company closed the quarter showing a strong cash position of $16.6 million along with $5.5 million in trade receivables and a reduction of approximately $8 million in current liabilities over the previous quarter.” Mr. Ganoza continued, “We anticipate that we will be able to make up for the lost production in the second half of the year to meet the annual guidance and take full advantage of the higher metal price environment.” Second Quarter Financial Highlights Net income for the three months ended June 30, 2021 (“Q2-2021”) amounted to $0.6 million, compared with $1.2 million for the comparative period (“Q2-2020”). Net income was affected by foreign exchange loss, higher production costs, and a decrease in concentrate sold, partially offset by a higher realized copper price, as compared to Q2-2020. Sales for the period increased 5% to $13.4 million when compared with $12.8 million in Q2-2020. Copper (“Cu”) and gold (“Au”) accounted for 93% and 7% of the 7,812 (Q2-2020 - 9,014) dry metric tonnes (“DMT”) shipped and invoiced during Q2-2021. The average realized price per metal on invoicing was $4.50 (Q2-2020 - $2.60) per pound (“lbs”) of copper and $1,878 (Q2-2020 - $1,726) per ounce (“oz”) of gold. Working capital was $23.3 million (December 31, 2020 - $22.5 million), while the Company had $6.4 million (December 31, 2020 - $6.8 million) in long-term loans payable Cash costs(1) were $118.24 per tonne of processed ore and $1.27 per pound of payable copper produced(2), which were increases of 26% and 37% over Q2-2020, respectively. The increase in the cash cost per pound of payable copper net of by products is mainly ex...