Atalaya Mining (LON: ATYM) reported third-quarter copper production of 13,967 tonnes, about 15% above a year earlier, alongside net cash of €342.1 million.
The FTSE 250 miner, which owns the Riotinto copper project in southwest Spain, still expects full-year output at the low end of guidance.
The shares were down 4.82% at 977.5p as of 08:12 UK time today, against yesterday’s close of 1,027p. They opened at 991.5p and had traded between 969.5p and 991.5p by then.
The preliminary figure compares with 12,123 tonnes in the third quarter of 2025 and 13,493 tonnes in the second quarter of 2026, so output is up about 3.5% on the previous quarter. Final numbers will come with the third-quarter financial results.
Ore grade, the copper content of the rock mined, averaged 0.40%, and recovery reached 84.25%. Both were above the ranges Atalaya guided for 2026, of 0.36% to 0.39% and 80% to 83%. A year earlier grade was 0.38% and recovery 74.45%.
Atalaya realised US$6.44 a pound for copper in the quarter, up from US$6.14 in the second quarter. Cash stood at €354.1 million on the 30th of September, against borrowings of €11.9 million, leaving net cash of €342.1 million, up from €122.0 million on the 31st of December.
Production is expected at the low end of the 50,000 to 54,000 tonne copper range, while cash costs of US$2.60 to US$2.90 a pound and all-in sustaining costs (the full cost of keeping the mine running) of US$3.10 to US$3.40 are expected to stay within guidance, despite pressure from diesel, explosives and Spanish power prices.
One operational drag was San Dionisio, which is key to blending higher-grade material with Cerro Colorado ore. Waste mined there was 3.1 million tonnes, below plan, because the electricity supplier delayed relocating a power line.
Atalaya also highlighted that the European Commission designated its Proyecto Touro a Strategic Project on Friday under the EU Critical Raw Materials Act. Chief executive Alberto Lavandeira said:
This recognition reinforces Touro’s strategic importance to Europe’s future copper supply and should help to facilitate the completion of the environmental permitting process.
Alberto Lavandeira, chief executive, Atalaya Mining
Atalaya believes approval of Touro’s environmental impact statement is nearing completion. Access ramp development at its Masa Valverde project is expected in the coming weeks.