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Atico Mining Reports First Quarter 2018 Production Results and Provides Update on Union Negotiations
VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) announces its oper
About this update from Atico Mining Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, April 15, 2019 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) announces its operating results for the three months ended March 31, 2019 from its El Roble mine. Production for the quarter totaled 2.36 million pounds of copper and 1,552 ounces of gold in concentrates, a decrease of -57% and -45% for copper and gold, respectively, over the same period in 2018. “The strike at the El Roble mine has had a significant impact on the Company’s ability to meet operational objectives in the first quarter. The mine has not operated for over fifty days during this period and this is directly reflected in this quarter’s results,” said Fernando E. Ganoza, CEO. “Once the operation resumes and for the remainder of the year, the Company will make its best effort to minimize the impact of lost production.” First Quarter Operational Highlights Production of 2.36 million pounds of copper contained in concentrates; a decrease of 57% over Q1 2018. Production of 1,552 ounces of gold contained in concentrates; a decrease of 45% over Q1 2018. Average processed tonnes per day of 885, an increase of 9% over Q1 2018. Copper head grade of 3.29%, a decrease of 13% over Q1 2018. Gold head grade of 2.24 grams per tonne; an increase of 10% over Q1 2018. Copper and gold recovery of 91.1% and 60.6%; a decrease of 3% for copper and 5% for gold respectively over Q1 2018. Union Negotiations During the quarter the Company entered into its biennial union negotiations with the miners as reported in the news release published on February 13, 2019. These negotiations led to a strike which has stopped almost all Company’s activity at the mine for the remainder of the quarter. Friday April 12, 2019 marked the sixtieth day of the strike after which, dictated by Colombian law, a legal mechanism to end the strike with an arbitrage process began. According to Colombian Labor Code the process of assembling the arbitrator’s council is anticipated for the 8th working day proceeding April 12, 2019, after which operations should resume within 3 working days. Despite 20 meetings and 8 complete proposals by the Company to solve the negotiations amicably, the strike has lasted longer than anticipated due to unacceptable terms requested by the union. The arbitration process contemplated in the Colombian Law...