Atalaya Mining (ATYM) has published a third quarter update including that it is now increasing its production guidance for the year. This sounds like good news.
Following Proyecto Riotinto in southwest Spain copper production for the latest quarter of 13,933 tonnes, taking the year-to-date to 42,670 tonnes, the full-year guidance is increased from 52,000-54,000 tonnes to 54,000-56,000 tonnes.
The half-year copper production facilitated a post-tax profit of €66 million, whilst a 330p share price means a market cap of £456 million, approx. €538 million. There remain clear risks – the company noting copper price slipping and costs for example, but there is also structural and economic recovery copper demand against a lack of new supply.
It also states that it has been able “to continue to strengthen its balance sheet despite COVID-19 related challenges” and “is well positioned to deliver near-term production growth and long-term extension of mine life”. As such, we continue to consider that the outlook here merits a 400p+ share price.
This article first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website for a new share tip from Tom & Steve OUT JUST LAST FRIDAY AFTERNOON and a new shorting piece this week click HERE
Filed under: Atalaya Mining, Dev Clever, Playtech, Tekcapital, TomWinnifrith.com, N50 website
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