Atalaya Mining (AIM:ATYM, TSX:AYM) PLC reported a sharp fall in profit in 2022 hit by a significant increase in costs, especially electricity.
Revenue for the 12 months to December 31 fell to €361.8mln from €405.7mln in 2021 while EBITDA tumbled to €55.3mln from €199.1mln reflecting a €64mln increase in annual electricity costs.
The dividend for the year was slashed to US$0.0745 per share, down from US$0.395 per share but the company said this was consistent with its dividend policy.
Atalaya said an improved performance in the fourth quarter of 2022 provides the basis for stronger 2023 outlook with improved copper production and EBITDA of €18.2mln despite elevated input costs.
The company described the results as “satisfactory” considering the many external challenges.
Investments in 2023 will continue to focus on growth, cost reductions and decarbonisation, including exploration, E-LIX Phase I and the 50 MW solar plant, the company said.