NICOSIA, CYPRUS–(Marketwired – Jul 7, 2016) –
Atalaya Mining plc
(“Atalaya Mining” or the “Company”)
At Atalaya Mining’s (AIM: ATYM) (TSX: AYM) 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 £64.9 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.
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