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Atalaya 's copper project in Spain to go into production next month

The Riotinto Copper Project in Spain will enter production next month.

The firm said it has successfully completed commissioning and ramp-up of phase I,

Atalaya Mining (LON:ATYM) announced the Riotinto Copper Project in Spain will enter production next month.

The firm said after successfully completing commissioning and ramp-up of phase I, it will go into commercial production on February 1.

This is based on plant performance reporting over 85% of planned throughput capacity, copper recoveries above 80% and concentrate grades of approximately 20% Cu.

Optimisation work continues whilst expansion projects are under construction, with phase I and phase II into one project.

Numis Securities said: “This should maximise synergies and potential result in further capex savings and a shorter delivery schedule.”

The merger of the expansion projects should have some tangible cost benefits plus commissioning of the expansion should start ahead of the original plan of mid-2016, it added.

Alberto Lavandeira, chief executive, said: “Achieving commercial production is a very significant milestone for the company and all credit must be given to the teams participating in the fast-track development of the project following receipt of the key permits in early 2015.”

Shares were 1.8% higher at 97p on Friday.

Quick facts: Atalaya Mining

Price: 192.5 GBX

Market: AIM
Market Cap: £264.38 m

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