Business
Atico Mining Reports Q3 2017 Financial and Operating Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2017) - (All amounts expressed in US dollars, unless otherwise stated) Atico Mining Corporation (the "Compa
About this update from Atico Mining Corporation
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2017) - (All amounts expressed in US dollars, unless otherwise stated) Atico Mining Corporation (the \"Company\" or \"Atico\") (TSX VENTURE:ATY) (OTC PINK:ATCMF) today announced its financial results for the three months ended September 30, 2017, posting a net income of $0.87 million. Fernando E. Ganoza, CEO and Director, commented, \"We are pleased to report another strong quarter with continued improvements to our balance sheet. We anticipate this trend will continue throughout the remainder of 2017. Mr. Ganoza continued, \"Our emphasis will continue to be on further strengthening our balance sheet, improving production costs and most importantly regional and underground exploration programs as our top priority with 3 active drill rigs on site.\" Third Quarter Financial Highlights Net income for the three months ended September 30, 2017 (\"Q3-2017\") amounted to $0.87 million, compared with $0.24 million for the same period last year (\"Q3-2016\"). Net income for the quarter was positively affected by an increase in revenue (increase in realized copper price of 34.9%), partially offset by increases in direct mining and processing costs and deferred income tax expense. Sales for the period increased 4% to $12.0 million when compared with Q3-2016. The increase is due to a higher average realized copper price, partially offset by a decrease in concentrate shipped and provisionally invoiced, as compared to Q3-2016. Copper (\"Cu\") accounted for 98.8% and gold (\"Au\") 1.2% of total amount provisionally invoiced during Q3-2017. The average realized price per metal on provisional invoicing was $2.94 (Q3-2016 - $2.18) per pound of copper and $1,301.69 (Q3-2016 - $1,324.86) per ounce of gold. Working capital was $4.7 million (December 31, 2016 - $1.7 million) while long-term loans payable outstanding was $4.6 million (December 31, 2016 - $5.6 million). Cash costs(1) were $112.50 per tonne of processed ore and $1.38 per pound of payable copper produced(2), a 3.2% decrease and a 2.2% increase over the same period last year, respectively. Income from operations was $1.15 million while cash flow from operations, before changes in working capital was $4.14 million. Cash used for capital expenditures amounted to $2.79 million. At the quarter-end, 3,860 wet metric tonnes of non-i...