Atalaya Mining lowers guidance as plans to ramp up activity suffers 'slight' delay
StockMarketWire.com - Atalaya Mining lowered its guidance after a delay to secure additional electricity hindered its plans to expand mining activity.
The company also said third-quarter copper production was in line with expectations, but slightly lower than the second quarter of 2019 due to lower recovery levels and copper head grade.
Work to secure the additional electricity supply, had not yet been completed and consequently, the ramp-up of the expansion project was slightly delayed, the company said.
As a result, the company now expected ore processed in 2019 to be 10.6Mt with copper produced expected to be in the range of 44,000 to 45,000 tonnes compared to the 45,000 to 46,500 tonnes previously reported.
The company produced 10,568 tonnes of copper in the third quarter, 2.9% below the 10,888 tonnes reported in the previous quarter, leading to an average copper head grade of 0.47% and a recovery rate of 87.38% for the 2.6 Mt of ore processed.
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