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Atalaya raises £31M of £39M sought for copper project expansion

Atalaya Mining plc raised about £31 million through a share placement that sought to raise up to £39 million for the 15 million-tonne-per-annum processing expansion at its Proyecto de Rio Tinto copper project in southwestern Spain.

The company said Dec. 7 that it placed 18,574,555 new ordinary shares at £1.67 apiece, with the new shares making up about 16% of its existing issued share capital. The placing is expected to close and settle Dec. 12, subject to admission by the Toronto Stock Exchange.

Following the placement, Atalaya shareholders Trafigura Beheer BV, Yanggu Xiangguang Copper Co. Ltd., Liberty Metals & Mining LLP and Orion Mine Finance (Master) Fund I LP will own about 22.8%, 22.7%, 14.5% and 13.9%, of the enlarged issued share capital of the company, respectively.

The proposed expansion is aimed at upgrading the processing facilities for copper production to about 50,000 tonnes to 55,000 tonnes per year. The capital cost to complete the expansion is estimated at €80.4 million, and the company expects to cut its cash costs and all-in sustaining costs by about 7%, compared to the existing 9.5 mtpa operation.

BMO Capital Markets and Canaccord Genuity acted as joint bookrunners for the placement.

Atalaya CEO Alberto Lavandeira said the funds would allow the company to begin executing on the processing capacity expansion plan immediately.