Atico posts higher quarterly net profit as its gold and copper production in Colombia increased in the first quarter
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(Kitco News) – Atico Mining (TSX.V:ATY) today announced that in the first quarter of 2022, the company produced 4.7 million pounds of copper, 2,636 ounces of gold and 8,779 ounces of money in Colombia.
The company said that compared to the same period in 2021, production increased by 7% for copper and 24% for gold. Atico noted that the increases for copper and gold are primarily explained by higher head grades for the period.
Cash costs were $125.21 per tonne of ore processed and $1.29 per pound of payable copper produced, down zero percent and 25 percent from Q1 2021, respectively.
“The decrease in cash cost per pound of payable copper produced was due to an increase in gold by-product credits and copper grade from the prior year, resulting in higher payable copper production. high,” the company said in a statement.
Importantly, the company pointed out that net profit for the quarter was $3.9 million, compared to $1.2 million for the same period last year, adding that the increase in net profit was mainly due to the increase in operating profit in the first quarter of 2022 and to $2.3 million. fair value loss for metal hedging recorded in Q1 2021.
CEO and Director Fernando E. Ganoza said the company was pleased with its strong financial results despite selling only one shipment of concentrate during the period.
“These results were underpinned by operations exceeding our copper and gold production targets while being below budgeted cash costs for the quarter,” he added.
He also noted that in La Plata the focus continues to be on the feasibility study and advancing the permitting process, while in El Roble the company will focus on drilling. near the mine, looking for extensions of mineralization at depth and along strike. .
Atico is focused on the exploration, development and operation of copper and gold projects in Latin America. The company generates cash flow from the operation of the El Roble mine in Colombia and is developing its high-grade La Plata VMS project in Ecuador.
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