Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Atalaya Mining’s revenue from operations rose by 48pc to €65.84mn in the September quarter (Q3 FY2020) from the prior-year period. The increase in revenue is mainly attributed to higher sales volume and higher copper prices. Sales volumes grew following the expansion of Proyecto Riotinto.


The company’s Q3 EBITDA grew to €22.3mn from €9.9mn in the prior year, driven by higher sales of copper concentrate and higher prices. Profit for the period rose by 77pc to €12.2mn from the prior year. Profit margin dipped due to higher depreciation on account of plant expansion at Proyecto Riotinto.


Cash costs in the quarter was $1.94/lb of payable copper, similar to the prior year’s cost of $1.92/lb. This difference was due to unfavourable forex rates and lower maintenance and processing costs.


Outlook 2020

  • * Production guidance maintained at 55,000-58,000mt of contained copper. Atalaya expects production at the lower end of the guidance.
  • * Annual guidance for cash cost also remains unchanged at $1.95-2.05/lb.



  • * Copper production at Proyecto Riotinto increased by 39.1pc to 14,695mt in Q3. In Jan-Sep period, copper production rose to 41,559mt from 31,675mt in the prior period, while ore processed rose to 10.974mn mt.
  • * The company’s annual ore processing and copper production as improved significantly to 15mn mt post the throughput expansion project, which is now fully operational at nameplate capacity.
  • * Atalaya has agreed to acquire 100pc of the Masa Valverde polymetallic project in Huelva (Spain) for €1.4mn in October. Masa Valverde is among the largest undeveloped volcanogenic deposits in the Iberian Pyrite Belt. The project is located 28kms to the south west of Proyecto Riotinto.
  • * The company has initiated a feasibility study with Lain Technologies to evaluate production of cathodes at Proyecto Riotinto.

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