05:16 PM EDT, 07/18/2024 (MT Newswires) -- Atico Mining ( ATCMF ) after trade Thursday reported higher second-quarter production from its Colombian mine while warning some revenue from the production will not be recognized until the third quarter due to a shipping delay.

The company said copper production from the El Roble mine rose 33% to 3.73-million pounds in the period, up from 2.8-million pounds in the year-prior quarter. Gold output rose 25% to 2,874 ounces from 2,294 ounces in the second quarter of last year.

"The El Roble mine continued to operate within set expectations for this quarter as we saw improvements in most metrics over the previous quarter and especially over the same period last year," chief executive Fernando Ganoza said in a statement. "In the second half of the year, we are anticipating a continuation of good production results as we gain further access to the newly discovered areas of high-grade ore."

The company noted it scheduled one large concentrate shipment of around 9,100 dry metric tonnes for the second quarter. Due to poor weather conditions and shipping delays, the vessel had arrived considerably later than scheduled and as a result approximately 60% of the planned tonnes of concentrate were loaded by the June 30 cut off date. The remaining 40% of the planned second quarter shipment was loaded on the following two days and the revenue from the concentrate offloaded in July will be recognized in its third-quarter results.

Atico shares closed down $0.01 to $0.185 on the TSX Venture Exchange.