NICOSIA, CYPRUS / ACCESSWIRE / March 25, 2021 / Atalaya Mining Plc (AIM: ATYM)(TSX:AYM) is pleased to announce its audited consolidated results for the year ended 31 December 2020 ("FY2020" or the "Period").
The expanded plant was successfully completed and commissioned in early 2020 and despite the impact of COVID-19, Atalaya met production guidance reported issued at the start of the year with copper production for FY2020 of 55,890 tonnes (FY2019: 44,950 tonnes) thereby achieving a record production level for the Company.
The Company reported EBITDA of €67.4 million (FY2019: €61.3 million) and €59.0 million of cash flows from operating activities (FY2019: €37.9 million).
The audited consolidated Financial Statements are also available under the Company's profile on SEDAR at www.sedar.com and on Atalaya's website at www.atalayamining.com.
Financial Highlights for the Period
Year ended 31 December | 2020 | 2019 | % | |
Revenues from operations | €k | 252,784 | 187,868 | 34.6% |
Operating costs | €k | (176,300) | (115,944) | 52.1% |
EBITDA | €k | 67,444 | 61,333 | 10.0% |
Profit for the year | €k | 30,390 | 30,720 | (1.10%) |
Earnings per share | € cents/share | 22.9 | 27.2 | (15.8%) |
Cash flows from operating activities | €k | 59,090 | 37,934 | 55.8% |
Cash flows used in investing activities | €k | (30,160) | (62,351) | (51.6%) |
Cash flows from financing activities | €k | 760 | (576) | (231.9%) |
Working capital (deficit)/surplus | €k | (17,904) | 3,598 | (597.6%) |
Average realised copper price | $/lb | 2.72 | 2.73 | (0.4%) |
Copper concentrate produced | (tonnes) | 256,001 | 195,072 | 31.2% |
Copper production | (tonnes) | 55,890 | 44,950 | 24.3% |
Cash costs | $/lb payable | 1.95 | 1.80 | 8.3% |
All-In Sustaining Cost | $/lb payable | 2.21 | 2.14 | 3.3% |
- Revenues of €252.8 million (FY2019: €187.9 million) from increased volumes of copper concentrates sold from the expanded plant with annualised realised price slightly lower than the prior year (FY2020: $2.72/lb versus FY2019: $2.73/lb). The impact of the increased volumes was partly offset by lower grades in concentrates and a stronger US Dollar/Euro exchange rate.
- Higher processing rates during the year resulted in higher operating costs of €176.3 million (FY2019: €115.9 million).
- Copper concentrates sold during the year under existing off-take agreements and at spot realised an average price of US$2.72/lb copper, compared with US$2.73/lb copper in the same period of 2019.
- 2020 cash costs of US$1.95/lb payable copper (2019: US$1.80/lb payable copper) owing to exchange rate and challenging recoveries as a result of lower ore grades and costs associated with expansion start-up.
- 2020 AISC of US$2.21/lb compared with US$2.14/lb in 2019 driven mainly by the increase in cash cost. FY2020 All-In Sustaining Cost excludes the costs associated with the one off tailings dam expansion project which amounts to €11.0 million in FY2020.
- EBITDA for the year was €67.4 million (FY2019: €61.3 million)
- FY2020 cash flows from operating activities were €59.1 million (FY2019: €37.9 million), out of which €0.9 are from working capital changes. Cash flow used for investing activities amounted to €30.2 million in FY2020 (FY2019: €62.4 million). The investments relate to tailings dams, capitalised stripping costs and enhancements to the processing systems. Cash from financing activities amounted to €0.8 million (FY2019: €0.6 million were used).
- Inventories of concentrate at 31 December 2020 amounted to €8.6 million (€11.0 million at 31 December 2019)
- Working capital deficit of €17.9 million as at 31 December 2020, decreased from excess working capital of €3.6 million reported as at 31 December 2019. The decrease in working capital is mainly attributable to the Astor Deferred Consideration which was classified as a current liability at the end of the year.
- Unrestricted cash balances amounted to €37.8 million as at 31 December 2020. The net increase in cash and cash equivalents during 2020 amounted to €29.7 million, compared with a net decrease of €25.0 million in the prior year.
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SOURCE: Atalaya Mining PLC
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