Spain-based Atalaya Mining has reported a decline in its 2019 profits due to a fall in the copper sales price and high production cost.
The company’s profit before tax was EUR36.9mn ($40.17mn) in 2019, down by 11pc from the year prior. Revenue dipped by 0.8pc to EUR187.9mn with a drop in copper prices and operational interruptions, said the company.
The company’s mine in Spain, Proyecto Riotinto open-pit mine produced 44,950mt of copper, up by 7pc from 42,114mt produced in 2018. The mine’s production of copper met the targeted guidance between 44,000 – 45,000mt. Copper concentrates produced were 195,072mt in 2019 from 180,661mt produced in the year prior, up by 8pc.
The Company has provided copper production guidance in the range of 55,000 – 58,000mt for 2020. It aims to increase its production from 2019. Atalaya also released statements regarding the COVID-19 pandemic which could alter the company’s management of its operations and is keeping its guidance under regular review.
In March, the company had to suspend all mining activities in Spain for Proyecto Riotinto. In early April, the government permitted operations to restart.
($1 = EUR0.91)