Atalaya Mining Plc Announces Proyecto Riotinto updated 43-101 technical report
09.07.2018 | FSCwire
Nicosia, Cyprus (FSCwire) - Atalaya Mining plc (AIM:ATYM, TSX:AYM) is pleased to announce the completion of a NI43-101 compliant technical report on an updated resources and reserves estimate for Proyecto Riotinto in south western Spain.
Highlights
Strong Project Economics
- Total open pit proven and probable mineral reserves at Cerro Colorado are estimated at 197 Mt grading 0.42% Cu
- Updated resources and reserves estimate reports a 29% increase in mineral reserves
- Contained copper increases 21% to 822,000 tonnes
- NPV post-tax at 8% discount rate of US$512 million using long term copper price of US$3.00/lb and life-of-mine average Euro to US dollars exchange rate of €1:$1.18.
- Total cash flow of US$1,207 million
Reduced Operating Costs
- Estimated average C1 cash costs of US$2.10/lb of payable Cu net of silver credits
- All-in sustaining costs ("AISC") of US$2.22/lb of payable Cu net of silver credits
Capital Costs
- Development capital expenditure of US$95 million to increase throughput to 15 Mt/y
- LOM sustaining capital expenditure of US$84 million
Project Parameters
- Recoverable copper within P&P open pit reserves is estimated at 696,500 tonnes and 9.4 million ounces of silver
- Life of Mine ("LOM") of 13.8 years
- 2019 ramp-up production to 11 Mt/y and 2020 production at 15 Mt/y
- Average yearly production of 50,000 tonnes of copper and 670,000 ounces of silver in concentrate
- Reduced strip ratio, waste to ore, of 1.43:1
Contacts:
| Newgate Communications | Charles Chichester / James Ash / James Browne | +44 20 7680 6550 |
| 4C Communications | Carina Corbett | +44 20 3170 7973 |
| Canaccord Genuity (NOMAD and Joint Broker) | Henry Fitzgerald-O'Connor / Martin Davison / James Asensio | +44 20 7523 8000 |
| BMO Capital Markets (Joint Broker) | Jeffrey Couch/Neil Haycock/Tom Rider | +44 20 7236 1010 |
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END
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Source: Atalaya Mining plc (TSX:AYM, AIM:ATYM)
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