Atalaya Mining Copper buys Tharsis Mining for EUR125 million

Atalaya Mining Copper SA on Wednesday said it has purchased private Spanish mining company Tharsis Mining SL, consolidating its presence in the Iberian Pyrite Belt.

Tharsis Mining owns the commercial polymetallic deposits Tharsis and La Zarza, located in southwest Spain. Atalaya said the projects are the only large-scale deposits in the Iberian Pyrite Belt that are potentially open-pit mineable, alongside its Riotinto operation.

Atalaya Chief Executive Alberto Lavandeira said the proximity of the two sites to Riotinto allows it to leverage its local technical expertise and operating capabilities.

"Much like Riotinto, Tharsis and La Zarza have long operating histories and continued potential to generate long-term value for Atalaya's shareholders and the local communities," he added.

Tharsis Mining has resources of 227.7 million tonnes containing around 1.5 million tonnes of copper, said Atalaya.

Lavandeira added: "The acquisition of Tharsis Mining represents another important step in our strategy to establish Atalaya as a leading European copper producer. We have followed progress at Tharsis Mining for many years and are pleased to have now reached this agreement."

The total consideration for the acquisition was EUR125 million. Following the payment, Atalaya said it has EUR260 million in pro-forma net cash.

Atalaya said it will focus on advancing technical studies and exploration across Tharsis Mining's portfolio.

Atalaya shares closed up 2.0% at 860.15 pence on Wednesday in London.

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