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Atalaya Mining publishes 2022 annual results

Published by , Editorial Assistant
Global Mining Review,

Atalaya Mining Plc has announced its audited consolidated results for the year ended 31 December 2022.


  • Improved performance in 4Q22 provides the basis for stronger 2023 outlook.
  • ? Improved copper production of 14.0 kt at AISC of US$3.12/ lb Cu.
    ? EBITDA of €18.2 million despite elevated input costs.
  • FY2022 included good operational performance and satisfactory financial results when considering the many external challenges.
  • ? Copper production of 52.3 kt, partially impacted by the logistics strike in 1Q22.
    ? EBITDA of €55.3 million following a ~€64 million increase in annual electricity costs.
    ? Net cash remains strong at €53.1 million after a period of significant investment.
  • Final Dividend of US$0.0385 per ordinary share proposed, bringing Full Year Dividend to US$0.0745 per ordinary share, consistent with dividend policy approved by the Company.
  • Investments in 2023 will continue to focus on growth, cost reductions and decarbonisation, including exploration, E-LIX Phase I and the 50 MW solar plant.
  • Improved performance is expected for 2023, due in part to lower forecast electricity prices
  • ? 2023 guidance: copper production of 53 - 55 kt at AISC of US$3.00-3.20/ lb Cu.

Alberto Lavandeira, CEO, commented: “There were many external headwinds in 2022, but our team effectively navigated these challenges and delivered good operating results for much of the year. We enter 2023 with a strong balance sheet and positive outlook for the year ahead. In 2022, we were impacted by a significant increase in key input costs, especially in relation to electricity, but I am proud of the decisive action we took to enhance the resilience of our operations, including securing a long-term fixed price power purchase agreement that we have benefitted from since the beginning of 2023. Contribution from our 50 MW solar plant will provide additional price stability later this year. As always, Atalaya remains focused on growing and enhancing its portfolio of copper assets in Spain. We have a unique portfolio of growth options located in regions with modern infrastructure and benefit from the human capital required to bring assets into production. We were pleased to publish the results of the new Riotinto PEA, which demonstrates the scale and potential economics of our processing hub strategy in the Riotinto District. Exploration activities continue at Proyecto Masa Valverde, which could be developed as another satellite deposit, while construction activities continue at our E-LIX Phase I plant, which has the potential to unlock value and reduce costs throughout the Iberian Pyrite Belt. Finally, we remain committed to developing Proyecto Touro into a modern and sustainable mine that can provide Europe with a new source of domestic copper production. We were pleased that copper was declared a strategic raw material by the EU in its recent Critical Raw Materials Act, given its importance to the energy transition. As a proven Spanish copper producer with a track record of delivery, we are well placed to meet Europe’s increasing demand for locally produced copper.”

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