SMM, Sept. 13: Atalaya mining company (Atalaya Mining PLC) said Wednesday that profits rose in the second quarter and the first half of 2018, driven by rising copper prices. The mining company said copper production was 10446 tonnes in the three months to June 30, up 15 per cent from 9058 tonnes in the same period in 2017. The company said revenue in the second quarter of 2018 was 48.9 million euros, compared with 53.4 million euros in the same period in 2017, due to higher copper prices.
The company's copper price in the first half of 2018 was $3.08 a pound, compared with $2.55 a pound in the same period in 2017. Revenue rose sharply to $101.5 million in the first half of the year, up from $79.1 million last year, as production and copper prices rose. As a result, pre-tax profits jumped from $1.5 million to $29.1 million.
But Atalaya Mining also said the increase in copper production directly led to higher costs. Business costs in the first half of 2018 were $2.1 million, up from $1.6 million a year earlier, mainly due to increased administrative expenses for the company. Alberto La Vandera (Alberto Lavandeira), chief executive of the company, said: "the situation in the first half of 2018 is very optimistic, production is at record levels, copper prices are strong, and operating costs are within the scope of our guidelines." "We are optimistic that the second half of the year will continue to meet our expectations," Lavandeira added.
Atalaya Mining shares rose 1.2 per cent on Wednesday.
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