European copper mining group EMED (TSE:EMD, LON:EMED) has unveiled plans to re-brand under the new corporate banner of Atalaya Mining Plc.
At the same time the company, which is redeveloping the historic Rio Tinto mine in Spain, said it intends to consolidate its share capital whereby one new ordinary share will be issued for every thirty existing shares held by investors.
The new name comes from the Corta Atalaya part of the Rio Tinto mine. It was once Europe’s largest open-pit. La Atalaya is a nearby village which was founded in the late nineteenth century to accommodate miners.
The company says the new name reflects the primary focus on the restart of the Rio Tinto mine.
In a statement, it said: “2015 has been a very exciting year for the Company principally through the re-establishment of production at the Riotinto Copper Project.
“The company will now be focusing on ramping up production and becoming a significant European copper producer.
“Accordingly, in order to better reflect the prospects for the company and to help reinvigorate its presence in the capital markets, the board is proposing a share consolidation and change of name.”
Earlier this month, the company told investors the start-up of the Rio Tinto mine is ahead of schedule.