Atico Reports Consolidated Financial Results for 2020
(All amounts expressed in US dollars, unless otherwise stated)
VANCOUVER, British Columbia, April 21, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the year ended December 31, 2020, posting income from mining operations of
Fernando E. Ganoza, CEO and Director, commented, "In 2020, operations at the El Roble mine performed within guidance while delivering an impressive all in sustaining cash cost of
2020 Consolidated Financial Highlights
- Net income for the year ended December 31, 2020 amounted to
$8.4 million , compared with$6.9 million for last year. Net income for the year was positively affected by a higher realized copper price and a lower cost of concentrate production, as compared to 2019. - Sales for the year decreased
3% to$59.6 million when compared with 2019. Copper (“Cu”) and gold (“Au”) accounted for86% and14% of the total amount provisionally invoiced during the year. The average realized price per metal on provisional invoicing was$2.87 (2019 -$2.72) per pound of copper and$1,802.61 (2019 -$1,412.96) per ounce of gold. - Working capital was
$22.5 million (2019 -$9.9 million ), while the Company had$6.8 million (2019 -$2.2 million ) in long-term loans payable and convertible debenture. - Cash costs(1) were
$104.78 per tonne of processed ore and$1.06 per pound of payable copper produced(2), decreases of9% and15% over the previous year, respectively. - Income from operations was
$12.8 million (2019 -$11.6 million ) while cash flow from operations, before changes in working capital, was$20.3 million (2019 -$21.4 million ). Cash used for capital expenditures amounted to$10.9 million (2019 -$9.4 million ). - All-in sustaining cash cost per payable pound of copper produced(1)(2) for the year was
$1.53 (2019 -$1.81) .
- At the end of the year, 5,291 (2019 - 3,104) wet metric tonnes (“WMT”) of non-invoiced concentrate remained at the Company’s warehouses.
2020 Consolidated Operating Highlights and Review
- Ore processed increased
24% year-on-year; - Copper head grade decreased
1% year-on-year; - Gold head grade decreased
16% year-on-year; - Concentrate production increased
27% year-on-year; - Copper metal production increased
22% year-on-year; and - Gold metal production increased
3% year-on-year.
The Company has met most while exceeding other operational goals set for El Roble mine in 2020. Beyond achieving operational guidance, the most impressive feat this year was the team’s ability to safely deliver results while navigating through unprecedented conditions caused by the global pandemic as no employees of the Company contracted any serious illness due to COVID-19 during the year ended December 31, 2020.
In 2020, the Company produced 20.7 million lbs of copper, 10,821 oz of gold, and 39,593 oz of silver. When compared to 2019, production increased by
Cash costs(1) were
2020 Consolidated Operational Details
Q1 | Q2 | Q3 | Q4 | Total | |
Production (Contained in Concentrates)(3) | |||||
Copper (000s pounds) | 4,947 | 4,956 | 5,540 | 5,181 | 20,626 |
Gold (ounces) | 2,658 | 2,718 | 2,607 | 2,838 | 10,821 |
Silver (ounces) | 9,921 | 10,401 | 9,953 | 9,318 | 39,593 |
Mine | |||||
Tonnes of ore mined | 72,777 | 76,825 | 71,993 | 72,825 | 294,421 |
Mill | |||||
Tonnes processed | 73,374 | 71,804 | 73,603 | 73,500 | 292,281 |
Tonnes processed per day | 878 | 877 | 860 | 870 | 871 |
Copper grade (%) | 3.32 | 3.38 | 3.74 | 3.50 | 3.48 |
Gold grade (g/t) | 1.94 | 2.02 | 1.93 | 2.03 | 1.98 |
Silver grade (g/t) | 9.20 | 9.10 | 9.20 | 8.20 | 8.92 |
Recoveries | |||||
Copper (%) | 91.9 | 92.9 | 91.4 | 91.4 | 92.0 |
Gold (%) | 59.0 | 58.6 | 56.3 | 59.1 | 58.2 |
Silver (%) | 46.3 | 49.4 | 47.0 | 48.3 | 47.9 |
Concentrates | |||||
Copper Concentrates (dmt) | 10,232 | 10,828 | 11,957 | 11,516 | 44,534 |
Copper (%) | 21.9 | 20.8 | 21.0 | 20.4 | 21.0 |
Gold (g/t) | 8.1 | 7.8 | 6.8 | 7.6 | 7.5 |
Silver (g/t) | 30.1 | 29.8 | 25.8 | 25.2 | 27.7 |
Payable copper produced (000s lb) | 4,700 | 4,708 | 5,263 | 4,922 | 19,595 |
Cash cost per pound of payable copper(1)(2) ($/lb) | 1.13 | 0.93 | 1.13 | 1.03 | 1.06 |
The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp
Fourth Quarter Financial Highlights
During the quarter, the Company generated sales of
Granting of Incentive Stock Options