(Kitco News) - Atico Mining (TSX.V: ATY) today announced that in Q1 2022, the company produced 4.7 million lbs of copper, 2,636 oz of gold, and 8,779 oz of silver in Colombia.
The company said that when compared to the same period in 2021, production increased by 7% for copper and 24% for gold. Atico noted that increases for both copper and gold are mostly explained by the increase in head-grades for the period.
Cash costs were $125.21 per tonne of processed ore and $1.29 per pound of payable copper produced, which were decreases of Nil% and 25% over Q1 2021, respectively.
"The decrease in cash cost per pound of payable copper produced is due to an increase in gold by-product credits and in copper head-grade than in prior year, resulting in a higher payable copper production," the company said in a statement.
Importantly, the company pointed out that net income for the quarter amounted to $3.9 million, compared with $1.2 million for the same period last year, adding that the increase in net income was primary due to higher income from operations in Q1 2022 and a $2.3M fair-value loss for metal hedging recorded in Q1 2021.
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CEO and Director Fernando E. Ganoza said that the company is pleased with strong financial results despite selling only one concentrate shipment in the period.
"These results were underpinned by operations exceeding our copper and gold production targets while coming under budgeted cash costs for the quarter," he added.
He also noted that at La Plata, the focus continues to be on the feasibility study and advancing the permitting process, while at El Roble, the company will be putting an emphasis on mine vicinity drilling, looking for extensions of mineralization at depth and along strike.
Atico is focused on exploring, developing and mining copper and gold projects in Latin America. The company generates cash flow through the operation of the El Roble mine in Colombia and is developing its high-grade La Plata VMS project in Ecuador.
