Mining its own business: Atalaya Mining enjoys soaring revenues amid raised copper prices and greater sales
Copper mining specialists Atalaya Mining have struck gold in their recent results, with booming revenues reaching €304.3m over the past nine months, an increase of over €120m year-on-year.
Revenues for its third quarter increased to €107.2 million compared with €65.8 million in 2020.
Higher revenues were the result of increased realised copper prices and larger volumes of concentrate sold.
EBITDA has also risen to €148.2 million for the year-to-date, much ahead of last year’s figures (€44.4 million) .
Meanwhile, cash flows from operating activities trebled to reach €129.2 million as a result of robust operational performance at Proyecto Riotinto and strong copper prices.
Total cash at the company has risen to €140.9 million, up from €37.8 million as at 31 December 2020.
Alongside increased revenues, operational costs during its third-quarter of 2021 were higher than the previous year.
Operational costs reached €58.4 million compared with €43.6 million in third-quarter 2020.
This increase mainly reflects the higher volumes of waste mined at greater unit costs at Proyecto Riotinto.
Atalaya Mining maintains a strong balance sheet with reported net cash of €88.9 million.
On 27 October, the company’s board of Directors declared an Inaugural Dividend of $0.395 per ordinary share, equivalent to £0.294 per share or €0.345 per share.
As a result of the strong performance at Proyecto Riotinto year-to-date, Atalaya Mining has increased its 2021 copper production guidance to 54,000 – 56,000 tonnes, as previously announced on 13 October 2021.
Alberto Lavandeira, CEO commented: “The announcement of our inaugural dividend in October also expresses the confidence the Board has for Atalaya’s future and allows us to reward our loyal shareholders for their continued support while at the same time growing the company.”
Despite the continued improvement in results, shares are down 0.37 per cent on the FTSE AIM 100.