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Atalaya Mining (TSX:AYM) is increasing its full-year copper production guidance following a strong third quarter, during which it produced 13,933 tonnes of the industrial metal.

Atalaya currently produces copper concentrates and silver byproduct at its wholly-owned Proyecto Riotinto site in southwest Spain. The operation comprises an open-pit mine and a modern 15 Mtpa processing plant.

During Q3 2021, the plant processed 3.9 million tonnes of ore, equivalent to a throughput rate of nearly 16 Mtpa. This included a planned SAG mill maintenance shutdown that was previously scheduled for Q4.

Copper recoveries of 87.29% were better than budgeted and helped to offset the impact of the mill shutdown and lower grades, resulting in only a modest decrease in copper production compared with previous quarters.

Year-to-date, Atalaya’s Proyecto Riotinto site has produced 42,670 tonnes of copper from 12 million tonnes of ore milled, for an average recovery rate of 85.76%.

Given the latest quarterly results, the company now expects output to reach 54,000-56,000 tonnes for the year, which is 2,000 higher than its original guidance.

Shares of Atalaya Mining surged 6.5% by 12:20 p.m. EDT on Thursday. The copper miner has a market capitalization of C$821.5 million.