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 (TSX.V: ATY | OTC: ATCMF) reported its 2024 financial results, with income from mining operations of $14 million but a net loss of $18.7 million. The El Roble mine produced 13.7 million pounds of copper and 9,106 ounces of gold.
Revenue increased 19% to $68.5 million, with copper and gold accounting for 83% and 17% of sales respectively. The average realized prices were $4.19 per pound of copper and $2,452 per ounce of gold.
A significant $24.5 million pre-tax loss was recognized due to an arbitration ruling requiring back payment of copper royalties since 1994. The company faces a working capital deficit of $11.3 million and has $7.0 million in long-term loans payable, plus an $8.5 million non-current arbitration award payable.
Atico Mining (TSX.V: ATY | OTC: ATCMF) has announced that the National Mining Agency (NMA) will grant a new 30-year mining title to Minera El Roble following 18 months of negotiations. The new contract will operate under Law 685 from 2001 and include additional contractual compensation fees and community relations expenses.
The company currently holds approximately 6,500 wet metric tonnes of unsold concentrate as security to the NMA, valued at approximately US$2000 per dry metric tonne at recent prices. The pledge on this concentrate will be transferred to future production until the obligation is fully repaid.
Additionally, Atico has amended its facility agreement with Trafigura, committing to a final principal payment on April 30th and full settlement of the outstanding balance by June 30th. This amendment will be secured by unsold and unpledged concentrates inventory as collateral.
Atico Mining has received an unfavorable ruling in its royalty dispute with Colombia's National Mining Agency (NMA) regarding the El Roble property. The tribunal ordered the company to pay approximately US$29 million in back copper royalties dating from 1994, adjusted for Colombian inflation and interest.
The company has already paid approximately US$12 million (estimated at US$15 million when adjusted) through an ongoing Payment Plan with the NMA. Atico currently holds about 6,500 wet metric tonnes of unsold concentrate as security, valued at approximately US$2000 per dry metric tonne at recent metal prices.
The ruling could significantly impact Atico's financial position, affecting its working capital and ability to meet existing and future financial obligations. The company is reviewing the decision with legal counsel and seeking clarification on several points with the Tribunal and NMA.
Atico Mining has reported its Q4 and full-year 2024 production results from the El Roble mine. The company produced 3.7 million pounds of copper and 1,918 ounces of gold in Q4 2024, and 13.67 million pounds of copper and 9,025 ounces of gold for the full year 2024.
Q4 2024 showed decreases compared to Q4 2023, with copper production down 16% and gold production down 26%. However, the full-year copper production increased by 3% over 2023, while gold production decreased by 11%. The company met its production guidance for most metrics, with only gold production slightly below budget due to decreased head grade.
For 2025, Atico has set production guidance of 11,000-12,300 thousand pounds of copper and 12,000-13,500 ounces of gold, with a C1 Cash Cost of $1.60-$1.70 per pound.
Atico Mining reported Q3 2024 financial results with income from mining operations of $5.8 million and net income of $1.2 million. The El Roble mine produced 2.9 million pounds of copper and 2,072 ounces of gold at a cash cost of $2.44 per payable pound. Sales increased 61% to $24.6 million compared to Q3-2023. Production decreased 23% for both copper and gold due to lower grades and processed ore. The company's working capital improved to $6.9 million from a $2.1 million deficit at the end of 2023.
Atico Mining reports Q3 2024 production results from El Roble mine, with 2.91 million pounds of copper and 2,055 ounces of gold in concentrates, marking decreases of 23% and 19% respectively compared to Q3 2023. The mine is transitioning from lower areas to new higher-grade reserves in upper areas, leading to planned reduction in production rates. Average processed tonnes per day reached 858, with copper head grade at 2.12% and gold head grade at 1.51 g/t. The company maintains copper and gold recovery rates of 92% and 65% respectively.
Atico Mining reported its Q2 2024 financial results, posting income from mining operations of $2.6 million and a net loss of $0.4 million. Key highlights include:
- Production at El Roble mine: 3.7 million lbs of copper and 2,850 oz of gold in concentrate
- Cash cost: $1.48 per payable pound of copper
- Sales decreased 11% to $10.9 million due to weather-related shipping delays
- Cash margin increased 68% to $2.86 per pound of payable copper
- All-in sustaining cash cost reduced to $2.32 per payable pound of copper
The company expects strong revenues in Q3 2024 to offset this quarter's results. Atico is focused on achieving production guidelines, advancing the La Plata project, and executing a near-mine drill program at El Roble.
Atico Mining (TSX.V: ATY | OTCQX: ATCMF) has extended its US$10 million credit facility with Trafigura PTE. The maturity date has been pushed from August 8, 2024, to July 31, 2026. The new agreement includes a structured repayment schedule with varying installments from January 2025 to July 2026. The outstanding principal will bear interest at a rate of SOFR plus 7.5%.
Atico Mining is focused on copper and gold projects in Latin America, operating the El Roble mine and developing the La Plata VMS project in Ecuador. This credit facility extension provides the company with additional financial flexibility to support its growth-oriented strategy in the region.