REG - Atalaya Mining PLC - Conclusion of Astor Management AG litigation

Atalaya MiningAnnouncement

21/03/2022 12:00

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RNS Number : 4562F  Atalaya Mining PLC  21 March 2022

 

21 March 2022

Atalaya Mining Plc.

("Atalaya" or the "Company")

 

Conclusion of Astor Management AG ("Astor") litigation

 

Atalaya Mining Plc (AIM:ATYM, TSX:AYM) announces that it has today received
the formal judgment from the High Court of Justice (the "Judgment") in
relation to the claim by Astor for residual interest arising out of the
payment of €53 million to Astor ("Deferred Consideration"). Details of this
legal process and payment of the Deferred Consideration were previously
announced by the Company on 15 March 2021.

 

The Judgment clarifies the basis for calculating the interest due and confirms
that it is payable by the Company. The Company expects the interest due to be
in the range of €10 million to €11.7 million. Any amount payable to Astor
will be paid from the €15.4 million trust account already established by
Atalaya on 15 July 2021. Either party has a right to appeal the High Court's
decision.

 

The payment will have no impact on Atalaya's ability to fund its growth plans
or on the implementation of its dividend policy during 2022.

 

 

Alberto Lavandeira, CEO, commented: "Even though the Astor claim had little
impact on our day-to-day business, I am pleased this historical claim which
started in November 2015 has come to an end. Atalaya is now a Company with a
strong balance sheet and a promising near future. The claim made by Astor has
not overshadowed the enormous success achieved by Atalaya in making Proyecto
Riotinto a world-class mine in a safe jurisdiction such as Spain and with the
growth potential to become a leading European copper producer."

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014.

 

Contacts:

 SEC Newgate UK             Elisabeth Cowell / Axaule Shukanayeva / Max Richardson  + 44 20 3757 6882
 4C Communications          Carina Corbett                                          +44 20 3170 7973
 Canaccord Genuity          Henry Fitzgerald-O'Connor / James Asensio               +44 20 7523 8000

 (NOMAD and Joint Broker)
 BMO Capital Markets        Tom Rider / Andrew Cameron                              +44 20 7236 1010

 (Joint Broker)
 Peel Hunt LLP              Ross Allister / David McKeown                           +44 20 7418 8900

 (Joint Broker)

 

About Atalaya Mining Plc

Atalaya is an AIM and TSX-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 centralised 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. For further information, visit
www.atalayamining.com (http://www.atalayamining.com)

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