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Atalaya sells US$15 mln of copper concentrate off-take

Atalya Mining has raised new finance through an off-take facility

Rio-Tinto-mine-plant.jpg
Plant at the Rio Tinto project

Atalaya Mining PLC (LON:ATYM) has organised a US$14 mln facility to help it complete its expansion at the Rio Tinto mine.

The facility is with Transamine Trading SA and will last from the beginning of January 2017 until the end of 2018.

In return for providing the facility Transamine will receive a guaranteed supply of 60,000 dry metric tonnes of copper concentrate which it will pay for at market rates.

It will also receive interest at a rate of LIBOR plus 2.75%.

“We are pleased to announce this commercial partnership with Transamine,” said Alberto Lavandeira of Atalya.

“The funding proceeds will be used to cover part of the short term working capital requirements to support the Company through the ramp-up phase.

Ramp-up of production is progressing as planned, with the plant now running at 8.3 Mtpa annualized capacity and having produced 3,175 tonnes of copper during August. This is approximately a 30% improvement over July`s production of 2,442 tonnes of copper.”

 

Quick facts: Atalaya Mining

Price: 185.7 GBX

AIM:ATYM
Market: AIM
Market Cap: £255.04 m
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