Atalaya Mining PLC AGM Statement (4769D)
July 07 2016 - 1:01AM
UK Regulatory
TIDMATYM
RNS Number : 4769D
Atalaya Mining PLC
07 July 2016
Atalaya Mining plc
("Atalaya Mining" or the "Company")
AGM Statement
At Atalaya Mining's AGM to be held at 12.00pm (CEST) today at
the Rio Tinto Mine, La Dehesa s/n, Minas de Riotinto, 21660 Huelva,
Spain, Roger Davey, non-executive Chairman, will make the following
statement:
"This has been an exciting and transitional period for Atalaya
Mining.
During the year, the permitting process to restart the Riotinto
project was largely completed and in June 2015, fully supported by
some of our larger shareholders - Trafigura, XGC, Orion and
Liberty, the Company successfully raised GBP64.9 million in an
equity financing to fund its transition to a copper producer.
We have seen rapid progress on site during 2015 and to date.
Following the appointment of the mining contractor, the first blast
took place in April 2015. Repairs and modifications to the
processing plant continued with commissioning commencing during
October 2015. In February 2016, we were delighted to declare
commercial production of saleable copper concentrate well ahead of
schedule and under budget.
Furthermore, we have been able to advance the Expansion Project
which has been refined from two initial phases and will take us to
our full nameplate capacity of 9.5Mtpa by the end of Q3 2016. This
has been achieved with further capital savings and a reduced
timeframe from our already ambitious estimate of January 2017. Our
growing workforce, which now stands at around 300 employees, has
also been working hard on the Company's ongoing drilling programme
which has proved successful and we look forward to announcing a new
reserves and resources statement shortly.
In addition, our strengthened Board now consists of a
combination of independent and non-independent directors, all with
significant industry experience. This composition will be
invaluable as we increase the scale of operations and progress our
corporate strategy. On behalf of the Board I am also delighted to
welcome Cesar Sanchez as our Group Chief Financial Officer.
During the period, we renamed the Company after a part of our
flagship Riotinto Copper Project, the Corta Atalaya (which
translates as "high point"). At one time this was the largest
open-pit operation in Europe. This decision was taken to reflect
our new focus on the Riotinto Copper Project, which we believe
provides significant scope for growth as we strive to become an
established copper producer of significant scale.
We also took the opportunity to consolidate our share capital,
whereby all qualifying shareholders at the time received one new
ordinary share of nominal value 7.5p for every 30 existing ordinary
shares of nominal value 0.25p.
Despite difficult economic conditions and the weakness in the
copper price, we consider the long term outlook for copper to be
robust. This underpins our ambition to pursue further growth
opportunities as we build on the momentum we have achieved to
date.
All of our activities and aspirations for the future would not
be possible without the dedicated and continuous support of our
management and staff, and I offer my sincerest thanks to all of
them. Last but not least, I extend my thanks to all of you, our
valued shareholders, for your continued support.
Finally, I would like to thank you all for coming to the AGM
today. Having made such exciting progress during 2015, we can look
to the year ahead with growing confidence and optimism".
Enquiries:
Atalaya Mining Roger Davey / Alberto +34 959 59
plc Lavandeira 28 50
--------------------- -------------------------------- ------------
Canaccord Genuity
(NOMAD and Joint Henry Fitzgerald-O'Connor +44 20 7523
Broker) / Martin Davison 8000
--------------------- -------------------------------- ------------
BMO Capital Markets Jeffrey Couch/Neil Haycock/Tom +44 20 7236
(Joint Broker) Rider 1010
--------------------- -------------------------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMUNVNRNKABRAR
(END) Dow Jones Newswires
July 07, 2016 02:01 ET (06:01 GMT)
Atalaya Mining (LSE:ATYM)
Historical Stock Chart
From Apr 2024 to May 2024
Atalaya Mining (LSE:ATYM)
Historical Stock Chart
From May 2023 to May 2024