Atalaya Mining Plc released its operations update for the second quarter of 2024, highlighting key aspects of its Proyecto Riotinto project. The company experienced a slight decrease in ore mined and waste mined during Q2 2024 compared to the previous year, with 3.8 million tonnes and 7.5 million tonnes respectively. However, the plant processed 4.1 million tonnes of ore, maintaining its performance above the nameplate capacity. Copper production for the quarter was 11,583 tonnes, lower than the previous year, primarily due to grade variations.
The average realized copper price increased to $4.54/lb in Q2 2024, contributing to a strong balance sheet with unaudited consolidated cash and cash equivalents of €57.7 million as of June 30, 2024. Atalaya has updated its copper production guidance for the full year to reflect H1 performance, now expecting a range of 45,000-50,000 tonnes.
At the San Dionisio area, waste stripping activities continue to prepare for future mining phases, and the permitting process for the final pit is in progress. The E-LIX Phase I plant is in its final construction and commissioning stages, with successful leaching of copper and zinc concentrates. The 50 MW solar plant is expected to start up in late 2024, providing a significant portion of Riotintos electricity needs.
Additionally, Atalaya is progressing with its Proyecto Touro, which was recently declared a strategic industrial project by the Xunta de Galicia, simplifying administrative procedures and reducing permitting timelines. The company also provided updates on its other projects, including Proyecto Ossa Morena, Proyecto Riotinto East, and corporate activities such as the move to the London Stock Exchanges Main Market and re-domiciliation to Spain.