Atico Mining (ATCMF) Shares Decline After Reporting Slower Copper Production in Q2 – InvestorsObserver


What’s going on with Atico Mining?

Atico Mining (ATCMF) stock dipped after the Vancouver, Canada-based mineral exploration company reported slower operating results for the three months ended June 30 from its El Roble mine in Colombia. ATCMF shares were down 1.31% and trading at $0.44 per share on Friday afternoon.

The production over the second quarter was 4.46 million pounds of copper and 2,732 ounces of gold in concentrates, representing a decrease of 10% for copper and no significant change for gold, compared to the same period in 2020. 

What does this mean for ATCMF?

Atico’s production in Q2 was on track despite some setbacks from extreme weather conditions, and the decrease in the copper yield was attributable to the decrease in processed ore, the company stated. 

“The El Roble mine performed within expectations in almost all metrics despite a very challenging in-country situation caused by unprecedented protests along with extreme weather conditions during this period,” said Fernando E. Ganoza, CEO of Atico. “So far in the third quarter we are seeing an improvement in the country and will continue to closely monitor all developments.”

“For the second half of the year, we will continue to look for opportunities to further optimize the operation while aiming to deliver on guidance. At the current metal price environment, the company anticipates robust financials for the second half of the year,” Ganoza added.

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Atico Mining Corp is engaged in copper-gold mining and related activities. Its activities include the exploration, development, extraction, and processing in Colombia and the acquisition, exploration and development of copper and gold projects in Latin America. The company has an operating mine in Colombia. Some of the projects of the company are El Roble mine and La Plata. The geographic segments of the group are Canada, Colombia, Ecuador and others. It earns revenue from contracts with customers related to its metals concentrate sales.