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Atalaya Mining PLC on Monday said it maintains a positive outlook for the second half and beyond despite expected copper grades failing to materialise. The Spain-focused copper producer said in the second quarter of 2024, copper production fell 18% to 11,583 tonnes from 14,212 tonnes the previous year. In total 3.8 million tonnes of ore was minded, down 2.6% from 3.9 million tonnes. Chief Executive Officer Alberto Lavandeira said: ‘During the quarter, our production was affected by grades that were lower than expectation and as a result, we have adjusted our full-year production guidance. While this is disappointing, we anticipate improved grades and strong plant performance in the second half of 2024.’ Copper grades fell to 0.33% in the quarter compared to 0.40% a year prior. Atalaya subsequently lowered full-year copper grade guidance to a range of 0.34% to 0.38% from 0.39% to 0.41%. Production estimates have been revised to a range of 45,000 to 50,000 tonnes from the previous guidance of 51,000 to 53,0000 tonnes. ‘Across our portfolio, we are focused on enhancing our production and optionality. Given copper’s critical role in the energy transition and the increasing challenges the industry faces in delivering new supply, we remain confident in the outlook for copper,’ Lavandeira commented. Atalaya Mining shares were down 8.1% to 399.53 pence each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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