Atico Mining Corporation reports operating and financial developments tied to copper and gold mining in Latin America. Its recurring updates center on the El Roble underground mine in Colombia, which produces copper-gold concentrate, and on exploration drilling, production results, concentrate shipments, cash costs, working capital, and capital-structure actions.
Company news also covers permitting and development activity for the high-grade La Plata VMS project in Ecuador. Atico’s disclosures commonly connect mine output, assay results, regulatory approvals, and project advancement with its broader focus on exploring, developing, and mining copper and gold assets.
Atico Mining Corporation announced a temporary work stoppage at the El Roble mine due to the installation of a new relief valve for the tailings pipeline. This decision follows a malfunction on February 11, 2021, which caused some material discharge. Immediate repairs and inspections were conducted, and Atico confirms no material threat to health or the environment. Operations are expected to gradually resume within 24 hours after provincial authority inspections. The company prioritizes safety while maintaining its focus on copper and gold projects in Latin America.
Atico Mining Corporation (ATCMF) announced an updated NI 43-101 mineral resource and reserve estimate for the El Roble Mine in Colombia, as of September 30, 2020. Measured and Indicated Mineral Resources are estimated at 1.17 million tonnes, averaging 3.26% Cu and 2.33 g/t Au. Proven and Probable Reserves stand at 1.00 million tonnes with an average of 3.02% Cu and 1.76 g/t Au. The report indicates a conversion rate of 87% from resources to reserves, highlighting the mine's capacity to generate significant cash flow amid favorable metal prices.
Atico Mining Corporation (ATCMF) reported its Q3 2020 results, producing 5.55 million pounds of copper and 2,487 ounces of gold, marking a 3% and 25% decrease from Q3 2019, respectively. Despite the declines, operations remain aligned with 2020 objectives amid strict health protocols. The decrease in gold production is attributed to a lower head grade as planned. The company maintains a focus on achieving record revenues in the latter half of the year. With a processing capacity of 1,000 tonnes per day, Atico continues to explore further opportunities in Colombia.
Atico Mining Corporation has granted 2,664,982 incentive stock options, exercisable at $0.48 per share for a period of five years, to its directors, officers, employees, and consultants. This move aligns with the Company’s stock option plan and aims to incentivize its team. Atico focuses on copper and gold mining projects in Latin America, including operating the El Roble mine and developing the La Plata VMS project in Ecuador. The announcement highlights the Company’s strategy for growth and retention of talent.
Atico Mining Corporation (ATCMF) announces a USD $2.5 million term loan from Export Development Canada (EDC) to enhance financial flexibility and support the new dry stack tailings project. CEO Fernando E. Ganoza emphasized this partnership as a strategic move that allows the company to leverage free cash flows from the El Roble mine for exploration initiatives without shareholder dilution. The loan has a 30-month repayment term with an interest rate of LIBOR plus 3.5%, subject to a security agreement and debt service coverage ratio covenant.