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Highlights:
- Mining Operations: Ore mined totaled 3.5 million tonnes in Q4 2024, with 15.2 million tonnes mined in FY2024, up from 14.9 million tonnes in FY2023.
- Copper Production: FY2024 copper production reached 46,227 tonnes, reflecting lower grades and recoveries compared to the previous year.
- Financial Strength: The company closed the year with €52.9 million in cash and a net cash position of €35.1 million, despite significant capital investments and dividend payouts.
Atalaya Mining (LSE:ATYM) has issued its operations update for the fourth quarter of 2024 (Q4 2024), highlighting key performance metrics across its mining, processing, and financial activities. Despite fluctuations in production and copper grades, the company achieved a new annual throughput record and maintained a strong financial position.
Operational Performance
Mining
Ore mined in Q4 2024 reached 3.5 million tonnes, slightly lower than the 3.7 million tonnes recorded in Q4 2023 and down from 4.2 million tonnes in Q3 2024. For FY2024, total ore mined rose to 15.2 million tonnes, while waste mined increased to 32.8 million tonnes, reflecting ongoing stripping activities at the San Dionisio area.
Processing
The plant processed 3.8 million tonnes of ore in Q4 2024, achieving an annual throughput of 15.9 million tonnes, a record for the company. Copper grades improved in Q4 2024 to 0.41%, compared to 0.33% in Q3 2024 and 0.36% in Q4 2023. However, the annual copper recovery rate decreased to 83.05%, impacted by lower grades and challenging ore characteristics.
Production
Copper production in Q4 2024 totaled 12,078 tonnes, bringing the FY2024 total to 46,227 tonnes, down from 51,667 tonnes in FY2023. On-site copper concentrate inventories stood at 21,815 tonnes at the end of the period, with 10,271 tonnes of copper sold in Q4 2024.
Financial Performance
Realized Copper Price
The average realized copper price in Q4 2024 was $4.10/lb, higher than $3.78/lb in Q4 2023. The spot copper price averaged $4.16/lb during the quarter. However, provisional revenue adjustments resulted in a negative €5.6 million impact due to settlement and fair value adjustments.
Balance Sheet
Atalaya closed the year with €52.9 million in cash and cash equivalents, down from €54.3 million at the end of 2023. Net cash decreased to €35.1 million, primarily due to capital investments and dividend payments. Borrowings stood at €17.8 million as of 31 December 2024.
2025 Guidance
For FY2025, Atalaya expects copper production to range between 48,000 and 52,000 tonnes, with a heavier output expected in the first half due to pit sequencing. The company plans to provide additional guidance on operating costs and capital expenditures alongside its 2024 Annual Results.
