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Atalaya Mining Plc announced on 14 December 2023 that it entered into an approximately five-year extension to a port handling agreement with Impala Terminals Huelva S.L.U. The agreement, covering copper concentrates from Proyecto Riotinto, is expected to incur total fees of approximately €12 million over its term. Impala Terminals is a related party to Trafigura, a substantial shareholder in Atalaya, classifying the transaction as an AIM Rule 13 Related Party Transaction.
| Date | 14 Dec 2023 |
| Time | 13:49:23 |
| Category | Acquisitions and alliances |
| ID | 8771W |
14 December 2023
Atalaya Mining Plc.
("Atalaya" or "the Company")
Extension of Port Handling Agreement
Atalaya Mining Plc (AIM: ATYM) is pleased to announce that it has entered into an extension to the services agreement with Impala Terminals Huelva S.L.U. ("Impala Terminals") for the handling, storage and shipment of copper concentrates produced from Proyecto Riotinto ("2023 Port Handling Extension Agreement"). The existing agreement expires today.
The 2023 Port Handling Extension Agreement is for a term of approximately five years and covers the concentrate volumes produced for export from Proyecto Riotinto that are not already committed to the Trafigura Group ("Trafigura") under its offtake agreement. In aggregate, the total fees payable to Impala Terminals from the 2023 Port Handling Extension Agreement, both directly and indirectly via deductions included in sales invoices, are expected to amount to approximately €12 million over the life of the agreement.
Impala Terminals is a related party to Trafigura, which is currently a substantial shareholder in Atalaya and, therefore, is a related party to the Company. As a result, the 2023 Port Handling Extension Agreement constitutes an AIM Rule 13 Related Party Transaction.
The Company's independent directors (excluding Trafigura's nominee) consider, having consulted with its nominated adviser, that the terms of the 2023 Port Handling Extension Agreement are fair and reasonable insofar as its shareholders are concerned.
Contacts:
|
SEC Newgate UK |
Elisabeth Cowell / Tom Carnegie / Matthew Elliott |
+ 44 20 3757 6882 |
|
4C Communications |
Carina Corbett |
+44 20 3170 7973 |
|
Canaccord Genuity (NOMAD and Joint Broker) |
Henry Fitzgerald-O'Connor / James Asensio |
+44 20 7523 8000 |
|
BMO Capital Markets (Joint Broker) |
Tom Rider / Andrew Cameron |
+44 20 7236 1010 |
|
Peel Hunt LLP (Joint Broker) |
Ross Allister / David McKeown |
+44 20 7418 8900 |
About Atalaya Mining Plc
Atalaya is an AIM-listed mining and development group which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. Atalaya's current operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a central processing hub for ore sourced from its wholly owned regional projects around Riotinto that include Proyecto Masa Valverde and Proyecto Riotinto East. In addition, the Group has a phased earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For further information, visit www.atalayamining.com