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 reported Q3 2022 financial results with a net income of $0.3 million, a significant decrease from $7.6 million in Q3 2021. Production at El Roble mine yielded 3.8 million lbs of copper and 2,724 oz of gold, with cash costs at $1.35 per payable pound of copper. Sales dropped 27% to $23.1 million due to lower metal prices and quantities sold. Working capital stands at $24.4 million with long-term loans of $15.6 million. Despite challenges, the company continues to generate cash flow, and exploration activities at El Roble and La Plata have resumed.
Atico Mining Corporation (OTCQX: ATCMF) released its Q3 2022 operating results, reporting production of 3.75 million pounds of copper and 2,724 ounces of gold in concentrates. Copper production decreased by 15% and gold by 9% compared to Q3 2021. The decline was attributed to extended maintenance of the SAG mill due to shipping delays of spare parts. Despite these challenges, the company reported improved copper head grades at 3.12% and gold head grades at 2.28 g/t. Atico remains focused on enhancing production and exploration efforts for the upcoming quarter.
Atico Mining Corporation reported a net loss of $2.7 million for Q2 2022, a substantial decline from a net income of $0.6 million in Q2 2021. Revenue fell 59% to $5.5 million, primarily due to lower sales caused by vessel and port delays, impacting shipments from the El Roble mine. Production included 3.6 million lbs of copper and 2,811 oz of gold, with cash costs increasing 17% year-over-year to $138.39 per tonne processed. Despite the setbacks, the company remains optimistic for H2 2022 and continues exploration efforts at El Roble and La Plata.
Atico Mining Corporation (OTCQX: ATCMF) reported its Q2 2022 operational results, producing 3.59 million pounds of copper and 2,811 ounces of gold in concentrates. This marked a 16% decrease in copper output but a 4% increase in gold production compared to Q2 2021. The decline in copper was attributed to a 24-day operational stoppage due to a landslide, while improved gold head grades contributed positively to the overall performance. The company remains optimistic about meeting its annual production guidance.
Atico Mining Corporation announced that its shareholders approved the Amended and Restated Stock Option Plan during the annual general meeting held on June 14, 2022. The plan allows for a rolling reserve of 10% of the total issued shares for stock options. Key amendments include updated vesting provisions for Investor Relations Service Providers, automatic extensions for options expiring during Blackout Periods, and new pricing and exercise provisions. Atico continues to focus on mining projects in Latin America and operates the El Roble mine while developing the La Plata project in Ecuador.
Atico Mining Corporation has received the certificate of viability from Ecuador's Mining and Energy Ministry for its La Plata project. This follows the earlier approval of the Environmental Impact Study by the Ministry of Environment. The next step involves socializing the EIA results with local communities, a requirement before receiving the Environmental License needed to commence construction. The La Plata project aims for a 900 tpd underground mining operation with advanced infrastructure, including a unique filtered tailings facility.
Atico Mining Corporation (ATCMF) announced the approval of the Environmental Impact Assessment (EIA) for its La Plata mining project in Ecuador. This project is considered strategic by President Guillermo Lasso and is part of Ecuador's economic reactivation plan. The La Plata project includes a 900 tpd underground mining operation with innovative infrastructure, including a unique filtered tailings facility. EIA approval marks a critical step toward construction, enabling progress on necessary licenses and permits. Atico emphasizes sustainable development through responsible mining practices.
Atico Mining Corporation reported strong financial results for Q1 2022, with a net income of $3.9 million, up 181% from $1.2 million in Q1 2021. Income from mining operations reached $9.1 million, driving a 7% increase in sales to $20.6 million. Production included 4.7 million pounds of copper and 2,636 ounces of gold. Cash costs decreased by 25% to $1.29 per pound of copper. Working capital stood at $30 million, and the Company secured a $10 million credit agreement with Trafigura. The focus remains on growth programs at the El Roble and La Plata projects.
Atico Mining Corporation has granted 1,005,206 incentive stock options at an exercise price of $0.405 per share to directors, officers, employees, and consultants. This grant, part of the company's stock option plan, allows options to be exercised over five years. Atico is focused on developing copper and gold projects in Latin America, particularly operating the El Roble mine and advancing the La Plata VMS project in Ecuador, while seeking additional acquisition opportunities to enhance growth.
Atico Mining Corporation reported its financial results for the year ending December 31, 2021, achieving a net income of $7 million, driven by a record income from mining operations of $28 million. The company produced 18.1 million pounds of copper and 11,018 ounces of gold, despite facing operational challenges. Sales rose 22% to $72.7 million, with copper and gold representing 89% and 11% of concentrate sales, respectively. Working capital stood at $13.7 million, down from $22.5 million in 2020. The La Plata project is advancing towards construction while the El Roble mine's operations are under review for extending its life.