In This Article:
-
All-in Sustaining Costs: Maintained at $3.20 per pound for both the second quarter and first half of 2024.
-
EBITDA: EUR 26.4 million for the second quarter; accumulated EUR 36.7 million for the first half of 2024.
-
Net Cash: Over EUR 50 million at the end of the first half of 2024.
-
Interim Dividend: $0.04 per share declared, payable in August 2024.
-
Copper Production: 11,600 tonnes in the second quarter.
-
Working Capital: Over EUR 63 million, approximately $70 million.
-
Revenue: Increased due to higher copper prices despite lower production.
-
Cash Flow: Consistent with previous years, despite lower production.
-
Guidance for Copper Production: Revised to 45,000 to 50,000 tonnes for the year.
-
Dividend Policy: Distributing 30% to 50% of free cash flows to shareholders.
Release Date: August 15, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Atalaya Mining PLC (ATLMF) reported a strong EBITDA of EUR26.4 million for the quarter, accumulating to EUR36.7 million for the first half of 2024.
-
The company maintained a robust balance sheet with over EUR50 million in net cash, allowing for an interim dividend of $0.04 per share.
-
The transition to the Main Market and relocation from Cyprus to Spain is expected to improve liquidity and trading of shares.
-
The company's projects have been declared strategic by the Xunta de Galicia, streamlining the permitting process.
-
Atalaya Mining PLC (ATLMF) is highly leveraged to copper prices, which has positively impacted revenues and cash flow despite lower production.
Negative Points
-
The production guidance has been reduced due to lower grades and production loss in the first half of the year.
-
The E-LIX plant commissioning is facing delays due to teething issues, impacting the expected ramp-up timeline.
-
The San Dionisio permitting process has been more complex than anticipated, requiring a substantial modification route.
-
Recent uptrends in electricity prices could slightly impact costs, although the effect is not expected to be material.
-
The company faces challenges in the E-LIX process, particularly with commissioning and operational teething issues.
Q & A Highlights
Q: What are the next steps in the permitting process in Touro? Is the process moving consistent with expectations? A: Yes, the process is moving according to expectations. The company has submitted a comprehensive project proposal, and the next step involves making this information available to the public and undergoing sector evaluations by administrative bodies. The environmental tax statement is expected to be positive, as previous shortcomings have been addressed. - Alberto Lavandeira, CEO