Performance Overview of Atico Mining Corporation
Atico Mining Corporation, operating the El Roble mine, recently reported its operational results for the first quarter of the year. During this period, the mine produced 2.23 million pounds of copper and 1,553 ounces of gold found in concentrates. However, the results showed a significant decrease in output compared to the same timeframe the previous year, with copper production down by 33% and gold by 28%.
Challenges Affecting Production
In addressing the lower production figures, Fernando E. Ganoza, CEO of Atico, acknowledged difficulties arising from delayed transitions to new mining areas. The mine encountered unexpectedly challenging rock quality conditions that resulted in reduced access to higher grade ore stopes. These challenges directly impacted both the tonnage and the head grade.
Despite these setbacks, Ganoza expressed optimism for recovery: “We expect to see progressive improvements in the second and third quarter this year to recover the planned development and preparation rate, which will allow us to make up for most of the lost production.”
Key Operational Highlights
- Copper Production: A total of 2.23 million pounds, which is a decrease of 33% compared to Q1 2024.
- Gold Production: The mine produced 1,553 ounces of gold, marking a decrease of 28% from the previous year.
- Processed Tonnes: The average tonnes processed daily amounted to 773, down by 16% from the same quarter last year.
- Copper Head Grade: The head grade for copper reduced to 1.97%, reflecting a 22% decrease.
- Gold Head Grade: For gold, the head grade stood at 1.40 grams per tonne, a drop of 15%.
- Recoveries: Copper recovery was at 93.6%, with a slight increase of 2%, while gold recovery remained stable at 62.7%.
El Roble Mine: An Asset for Future Growth
The El Roble mine, located in Colombia, is a highly regarded underground copper and gold operation. With a nominal processing capacity of 1,000 tonnes per day, it primarily produces a copper-gold concentrate, which is crucial for Atico’s operations.
Since taking control of the mine in 2013, Atico has significantly upgraded the processing capacity from 400 tonnes per day. The current estimates indicate that El Roble has substantial mineral reserves, totaling around 828 thousand tonnes with an average of 2.49% copper and 2.20 grams of gold per tonne. With a remaining mine life projected until at least Q1 2027, this asset continues to be a pivotal part of Atico's strategic plans.
Exploration Potential
El Roble’s mineralization remains open for further exploration both at depth and along its strike. The company aims to expand the known limits of the deposit, which could yield additional resources. Furthermore, Atico has identified a promising stratigraphic contact across a ten-kilometer stretch which geologists believe could be vital for locating further mineralization opportunities, particularly of the VMS type, which is the focus of their ongoing drill programs.
About Atico Mining Corporation
Atico is dedicated to growing its operations within the Latin American mining sector, emphasizing copper and gold projects. By effectively managing the El Roble mine and advancing its La Plata project in Ecuador, Atico is well-positioned to continue generating significant cash flow.
For further inquiries, investors and interested parties can reach out to:
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
For more comprehensive updates, please visit www.aticomining.com.
Frequently Asked Questions
What were Atico's production figures for the first quarter?
In the first quarter, Atico produced 2.23 million pounds of copper and 1,553 ounces of gold from its El Roble mine.
Why did production decrease compared to the previous year?
Production was hampered by unexpected challenges in rock quality, which slowed access to higher grade stopes.
What is the copper head grade reported for this quarter?
The copper head grade for the reported quarter was 1.97%, which reflects a decrease from the previous year.
What are the future plans for the El Roble mine?
Future plans include continuous exploration to expand the deposit limits and enhance production as operations normalize.
How can investors learn more about Atico Mining?
Investors can visit Atico's official website at www.aticomining.com for updates and further information.
