Altaley Mining posts income surge for Q2 2021 on strong zinc and lead production in Mexico
(Kitco News) - Altaley Mining (TSX-V: ATLY) today announced strong financial and operating results for Q2 2021, with total income of $7.6 million achieved during the quarter, compared to a net loss of $4.6 million a year ago.
The company said it generated gross revenues of $24.5 million during the quarter from 11,854 tonnes of zinc concentrate sold with an average grade of 46% zinc and 639 g/t silver. The company also sold 2,668 tonnes of lead concentrate with an average grade of 22% lead, 723 g/t silver and 5.7 g/t gold.
During the quarter, the company produced 11,812 tonnes of zinc concentrate, an increase of 177% compared to 3,899 tonnes produced in Q2 2020, whereas its Q2 2021 lead concentrate production of 2,648 tonnes was 187% higher compared to Q2 2020 (923 tonnes).
"Steady production rates during the quarter, plus implementation of operational efficiencies combined with higher metal prices has resulted in another strong quarter with positive results from the operations at Campo Morado," stated CEO Ralph Shearing. "As a result of higher revenues and improved cost per tonne, the company has achieved another quarter with solid mine operating profits and positive cash flows from the Campo Morado mine".
Altaley Mining is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects. Altaley's Tahuehueto gold mine project is in north-western Durango State, Mexico where construction has been advanced to an estimated 70% of completion. The company is targeting initial pre-production by the end of 2021 and ramping up to full production capacity during Q1 2022.
Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average rate of approximately 2,000 tonnes per day. Campo Morado is currently estimated to be Mexico's 6th largest zinc producer.