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Atico Mining announces consolidated financial results for Q3 2018

Mining News - Published on Mon, 19 Nov 2018

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Atico Mining Corporation announced its financial results for the three months ended September 30, 2018, posting a net income of USD 3.0 million. Mr Fernando E. Ganoza, CEO and Director, commented, "We are pleased to report very strong financial results for the third quarter and first nine months of the year. The Company's improvements in most financial metrics have yielded good results and have put us in position to completely repay our long-term debt by year-end." Mr. Ganoza continued, "For the remainder of this year, we will continue to have a strong emphasis on cost control initiatives particularly on operating costs while in parallel advancing on our regional and underground exploration drill programs."

Q3 Financial Highlights
Net income for the three months ended September 30,2018 ("Q3-2018”) amounted to $3.0 million, compared with $0.9 million for the same period last year ("Q3-2017"). Net income for the period was positively affected by an increased amount of concentrate shipped and provisionally invoiced and higher average realized copper and gold prices and an income tax recovery as compared to Q3-2017.
Sales for the period increased by 25% to $14.9 million when compared with Q3-2017. The increase was due to increased amount of concentrate shipped and provisionally invoiced and higher average realized copper and gold prices as compared to Q3-2017. Copper (“Cu”) and gold ("Au") accounted for 95.1 % and 4.9% of the total amount provisionally invoiced during Q3-2018. The average realized price per metal on provisional invoicing was $3.10 (Q3-2017 - $2.94) per pound of copper and $1,199.48 (Q3-2017 - $1,301.69) per ounce of gold.
Working capital was $6.9 million (December 31,2017 - $4.6 million), while the Company had long-term loans payable with $0.2 million (December 31,2017 - $2.7 million) outstanding at the reporting date.
Cash costs1) were $123.64 per tonne of processed ore and $1.49 per pound of payable copper produced*2), increases of 10% and 8% over the same period last year, respectively.
Income from operations was $2.8 million (Q3-2017 - $1.2 million) while cash flow from operations, before changes in working capital, was $4.6 million (Q3-2017 - $4.1 million). Cash used for capital expenditures amounted to $3.5 million (Q3-2017- $2.8 million).
At the end of the quarter, 9,107 (December 31,2017 - 7,366) wet metric tonnes ("WMT”) of non-invoiced concentrate remained at the Company's warehouses.

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Posted By : Nanda Koijam on Mon, 19 Nov 2018
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