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Atico Mining operates the El Roble underground copper-gold mine in Colombia (90% owned) and is advancing its 100%-owned La Plata high-grade VMS copper-gold-zinc-silver project in Ecuador toward construction. In this interview, I asked CEO Fernando Ganoza about the recent Trafigura financing package that funds pre-construction work, the path to a Q1 2027 construction start at La Plata, operational and exploration progress at El Roble, capital structure and insider alignment, permitting/community risks in both jurisdictions, cost and timeline sensitivities, and remaining catalysts.
TL;DR
Atico has closed a US$16.4 million convertible debenture (plus a related shares-for-debt settlement) with a Trafigura affiliate, clearing legacy liabilities and funding pre-construction activities at La Plata through a ready-to-build state targeted for Q1 2027. A separate US$95 million secured project finance facility with Trafigura is available for construction (subject to conditions precedent), for a combined package of about US$111.4 million designed to limit equity dilution. The 2024 feasibility study for La Plata shows Probable Reserves of 2.51 Mt at 1.59% Cu, 2.28 g/t Au, 30.41 g/t Ag and 2.18% Zn, initial capex of ~US$91 million (including contingency), ~8.1-year LOM, average annual production of roughly 9.7 Mlb Cu and 16 koz Au at 850 tpd, after-tax NPV5 of US$93 million and IRR of 25% at the study prices.
El Roble continues producing with improving grades and recoveries after earlier transition challenges, while near-mine drilling is extending mineralization (recent high-grade intercepts reported) and an updated resource/reserve is expected in early 2027. Trafigura’s stake is now ~8% non-diluted / up to ~20% partially diluted.
Atico Mining CEO Interview
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