Altaley Mining Corporation (TSX-V:ATLY) has posted consolidated financial results for full year 2021 that saw its gross revenue jump 121% year-over-year, helping the Canadian mining company log a positive net income.
For the year ended December 31, 2021, the Vancouver-based mining company with two wholly owned Mexican gold, silver, and base metal mining projects, reported gross revenue of $98.4 million.
Altaley clocked up a positive net income of $36.2 million, up from the previous year's loss of $11.6 million. It also reported basic earnings per share of $0.15.
READ: Altaley Mining posts preliminary 4Q revenue of C$19.9M from Campo Morado in Mexico
The company said the mine operating profit increased to $34.2 million from a 2020 loss of $138,000.
In a statement, Altaley Mining CEO Ralph Shearing said: “I am immensely proud of our entire Altaley team who have worked tirelessly throughout 2021 to deliver a record-breaking year of rapid growth and excellent profitability to the company and our shareholders.”
He added: “We will build on these excellent 2021 results as we continue our improvements at Campo Morado and very soon, enter production at our Tahuehueto gold mine where we expect robust economics to significantly increase our revenues and profitability.”
Altaley highlighted that at its flagship Campo Morado polymetallic base metal mine the average all-in sustaining cost (AISC) was $0.83/lb Zinc (Zn) and a cash cost per lb of US$0.60.
The mine produced 45,778 tonnes of zinc concentrate grading an average of 46% zinc, 2.12 grams per tonne (g/t) gold, 658 g/t silver and it sold around 45,680 tonnes of zinc concentrate generating 2021 revenue of US$52.14 million, said the company.
During the year, the mine also produced 9,936 tonnes of lead concentrate grading an average of 22% lead, 1.65% copper, 6.08 g/t gold, 776 g/t silver and the firm sold 9,657 tonnes generating revenue of US$8.96 million.
In addition, the company mined 689,963 tonnes of ore grading 4.27% zinc, 1.09% lead, 124 g/t silver and 1.06 g/t gold. An estimated 689,963 tonnes of mineralized material were processed during year ended December 31, 2021, added the company.
Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average of 2,200 tonnes per day and is pegged as Mexico’s sixth-largest zinc producer.
Meanwhile, Altaley's Tahuehueto mining project is in north-western Durango State, Mexico where construction has been advanced to near completion on its 1,000 tonnes per day processing facility to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive