Shipping delays dent Atico's second-quarter revenue, income
TSX-V-listed Atico Mining Corporation has posted a net loss of $400 000 for the second quarter of this year, compared with income of $100 000 in the second quarter of 2023, on the back of lower sales and a net realised loss on the settlements of its derivative instruments.
Sales for the quarter decreased by 11% year-on-year to $10.9-million, primarily as a result of weather conditions, which caused delays at the port of loading.
“We had improvements in almost all operational metrics when compared to the previous quarter and same period last year. However, these improvements are not reflected in this period’s revenue and income as a material portion of the concentrate shipped will be recognised as revenue in the third quarter due to shipping delays caused by poor weather conditions. We, therefore, anticipate strong revenues in the third quarter which will make up for this quarter’s results,” Atico CEO Fernando E Ganoza comments.
The company's copper production increased by 32% year-on-year to 3.7-million pounds, gold by 23% year-on-year to 2 850 oz and silver by 27% to 9 972 oz.
Atico owns and operates the El Roble mine, in Colombia, and is developing the La Plata project, in Ecuador.
"For the second half of the year, we will be focused on achieving production guidelines and cost efficiencies at El Roble; continue advancing the La Plata project engineering and permitting; and executing the near-mine drill programme at El Roble, aimed at replacing resources and further extending the life-of-mine,” says Ganoza.
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