Atalaya Mining shares fall as notes high rainfall; annual profit up
Atalaya Mining Copper SA on Thursday reported revenue and adjusted earnings that fell below analyst expectations, as it proposed a higher dividend.
The owner and operator of the Proyecto Riotinto copper mine in southwest Spain said pretax profit surged to €102.3 million in 2025 from €31.5 million in 2024.
Revenue climbed 48% to €482.9 million in 2025, from €326.8 million, but falling short of Peel Hunt expectations of €494 million.
Copper production rose 11% to 51,139 tonnes in 2025 from 46,227t in 2024, while copper concentrate output grew 18% to 298,108 tonnes from 252,165t.
The average realised copper price was $4.49 per pound in 2025, up 7.2% from $4.19 in 2024.
For 2026, the company expects copper production between 50,000t and 54,000t, between 2.2% lower and 5.6% higher than in 2025.
Earnings before interest, tax, depreciation and amortisation surged to €179.8 million from €66.4 million, but were lower than the Peel Hunt consensus of €192 million.
All-in sustaining costs decreased 11% to $2.90 per pound of copper payable in 2025 from $3.26 in 2024. For 2026, the firm expects AISC per pound of copper payable between $3.10 and $3.40, between 6.9% and 17% higher than in 2025.
Atalaya Mining proposed a final dividend of 6.5 euro cents per share, more than doubled from 3c a year ago. This would bring the total payout for 2025 to 10.9c, up 56% from 7c.
The company noted: ‘In late January and early February 2026, rainfall at Riotinto was unusually high and resulted in difficult mining conditions as well as reduced access to certain areas in the Cerro Colorado pit. As a result, the copper grade processed in Q1 2026 to date has been below planned levels.’
Looking ahead, the firm expects silver contained in copper concentrate between 900,000 and 1.1 million ounces in 2026, between 8.3% and 25% lower than 1.2 million ounces in 2025, which was up 9.1% from 1.1 million ounces in 2024.
Chief Executive Officer Alberto Lavandeira said: ‘The equity fundraise completed in January 2026 has further strengthened Atalaya’s financial position and provides significant flexibility to advance our copper growth projects in Spain. Looking ahead, while the start of 2026 has been affected by challenging weather conditions at Riotinto, we remain confident in our production guidance for the year and in the medium?term growth potential of our portfolio. With a strong balance sheet, high?quality assets and favourable long?term copper fundamentals, Atalaya is well positioned to deliver on our 2026 goals.’
Atalaya Mining shares fell 13% to 711.00 pence each on Thursday afternoon in London.
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