Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) saw its revenue grow to US$779,000 in the fourth quarter of 2021 as copper sales increased from its Farellon mine in Chile.
During 4Q 2021, Altiplano extracted a total 11,189 tonnes of mineralized copper-gold material at Farellon and processed 7,254 tonnes at an average copper grade of approximately 1.75%.
Sales of 267,927 pounds of copper generated approximately US$779,053 in revenue, after processing costs, according to the company.
READ: Altiplano reports improved grade and record income for November
The firm did say that total tonnes extracted and processed in the 4Q decreased by 3.9% and 5.3% respectively from the previous quarter, but a 38% quarter-over-quarter increase in grade at 1.75% copper helped to offset lower production.
Altiplano attributed the increase in grade to accessing higher grade material in the northeast sections of the mine, with overall grade control and waste management also being a contributor, according to a release.
At the end of December 2021, the junior mining company had 600 tonnes in stockpiles at the Farellon site to be shipped and 1,400 tonnes of low-grade stockpiled material. Altiplano told investors that revenue from the stockpile at site will be realized “in the coming months.”
The low grade stock will be processed at the APN El Peñón mill site at a later date to recover the value of the contained copper and iron, it added.
"Increased revenues and grade are a testament to our focus on efficiency and sustainability improvements at Farellon,” CEO Alastair McIntyre said in a statement accompanying the results.
“Our mining operations continue to turn out positive results quarter after quarter. Revenue generated at the Farellon operation now represents approximately US$8 million from the sale of approximately four million pounds of copper."
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