Atalaya Mining (LSE:ATYM), the Spain-focused copper producer, reported copper production of 13,493 tonnes for the second quarter, up from 9,939 tonnes in the first quarter and ahead of the 13,175 tonnes produced a year earlier.
Copper grade rose to 0.39% from 0.30% in the first quarter, as the company mined higher-grade material and cut back on processing low-grade stockpiles at its Proyecto Riotinto operation.
The average realised copper price climbed to $6.14 per pound from $5.87 in the first quarter and $4.27 a year earlier.
Consolidated cash and cash equivalents reached €351.2 million at 30 June, up from €166.3 million at the end of December, leaving the company with net cash of €340.2 million against €122.0 million at the last year-end.
"Copper prices remain robust and we have seen only modest cost impacts from the conflicts in the Middle East, therefore our cash position increased materially during the quarter," said chief executive Alberto Lavandeira.
Atalaya still expects full-year production at the low end of its 50,000 to 54,000 tonne guidance range.
The company flagged a potential $0.15 to $0.20 per pound increase above its stated cash cost and all-in sustaining cost guidance should diesel and explosives prices hold at recent peaks, after military activity resumed in the Middle East following a ceasefire.
At its Touro project in Galicia, the environmental impact statement is understood to be under preparation, with permitting "nearing completion" according to regional officials.
Subsequent to the quarter, Atalaya completed its Stage 1 funding commitments at the Skellefte Belt project in Sweden, earning a 51% interest.
