Altiplano Metals Reports Decline in Production in Q1 2024
In a recent update, Altiplano Metals reported a decrease in production during the first quarter of 2024 at its Farellon mine. The company mined 8,600 tonnes of mineralized Cu-Au material, representing a 5.6% decrease from the previous quarter. Processed material also saw a decline of 3.7% to 7,822 tonnes. Sales of copper in Q1 2024 generated approximately US$716,200 in revenue, a 10% decrease from the previous quarter due to lower grade material being processed.
The company also provided an update on the progress at the El Peñón processing plant, located near the Farellon mine. Final power installation at the plant was recently completed, allowing it to receive the designed 1,000 kVA to support its operational power requirements. President and CEO Alastair McIntyre commented on the progress, stating that the company is optimizing development and production at Farellon, with excellent copper grades averaging 2.29% observed in March.
Mining activity during the quarter focused on production from the 336 m level, with high-grade copper being mined in the NE extension. Additionally, development is ongoing on the Hugo tunnel extension towards the 326 m level. Stockpiles at both the Farellon and El Peñón mill sites are being prepared for processing over the coming months to optimize production efficiencies.
Despite the production decline, Altiplano Metals remains optimistic about the future, citing rising copper prices and a strong global demand profile as positive indicators for the market. The company has re-invested cash flow into equipment, exploration, and expanding underground development to increase productivity and capacity. Investors are advised to monitor the company’s continuous disclosure filings for further updates on their operations.
