04:59 PM EDT, 10/24/2024 (MT Newswires) -- Atico Mining ( ATCMF ) after trade Thursday reported lower third-quarter production as its operations undergo a transition at its El Roble mine in Colombia.

In a statement it said production for the quarter totaled 2.91-million pounds of copper and 2,055 ounces of gold in concentrates, a decrease of 23% for copper and 19% for gold, respectively, over the year-prior quarter.

Among other highlights, it reported average processed tonnes per day of 858, a decrease of 3% over Q3 2023; copper head grade of 2.12%, a decrease of 14%; a gold head grade of 1.51 grams per tonne, down 14% and copper and gold recovery of 92% and 65%, representing no significant change for copper and an increase of 4% for gold, respectively.

"The El Roble mine is undergoing a transition from the lower areas of the mine towards the new higher-grade reserves in upper areas. The mine is being prepared to shift to a majority of ore being sourced from the new reserves in 2025. The transition implies a planned reduction in production rates, resulting in fewer tonnes of ore mined and processed, as well as lower head grades during this period. We expect this phase to conclude in the fourth quarter, allowing our operations team gradual access to newly discovered high-grade reserves," said chief executive Fernando Ganoza.

"As we move into the remainder of the year, our primary focus will be on achieving a steady state production rate, while ensuring we remain on track to meet our established guidance for the year."

Atico shares were unchanged at $0.165 on the TSX Venture Exchange.