REG - Atalaya Mining PLC - Half-year Report <Origin Href="QuoteRef">ATYM.L</Origin> - Part 2
07/09/2016 07:06
- Part 2: For the preceding part double click ID:nRSG1370Ja
302 - - 302
Use and revision of accounting estimates
The preparation of the condensed interim consolidated financial statements
requires the making of estimations and assumptions that affect the recognised
amounts of assets, liabilities, revenues and expenses and the disclosure of
contingent liabilities. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgments about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from
these estimates. The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period or
in the period of the revision and future periods if the revision affects both
current and future periods.
Adoption of new and revised International Financial Reporting Standards
(IFRSs)
The Group has adopted all the new and revised IFRSs and International
Accounting Standards (IASs) which are relevant to its operations and are
effective for accounting periods commencing on 1 January 2016. The adoption
of these Standards did not have a material effect on the condensed interim
consolidated financial statements.
Critical accounting estimates and judgements
The fair values of the Group's financial assets and liabilities approximate
their carrying amounts at the reporting date. Estimates and judgments are
continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are unchanged from those disclosed
in the annual consolidated financial statements.
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of
resources will be required to settle the obligation, and a reliable estimate
of the amount can be made. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that
reflects, where appropriate, the risks specific to the liability. Where
discounting is used, the increase in the provision due to the passage of time
is recognised as a finance cost.
3. Business and geographical segments
Business segments
The Group has only one distinct business segment, being that of mining
operations, mineral exploration and development.
Geographical segments
The Group's mining and exploration activities are located in Spain and its
administration is based in Cyprus.
Three months ended 30 June 2016 Cyprus Spain Other Total
Sales 17,723 - - 17,723
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) (647) (417) (4) (1,068)
Depreciation/amortisation charge (4) (1,908) - (1,912)
Net finance cost - (45) - (45)
Foreign exchange (loss) / gain (247) 64 - (183)
Loss for the period before taxation (898) (2,306) (4) (3,208)
Tax (6)
Net loss for the period (3,214)
Six months ended 30 June 2016 Cyprus Spain Other Total
Sales 22,619 - - 22,619
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) (1,625) (1,947) (8) (3,580)
Depreciation/amortisation charge (8) (2,513) - (2,521)
Net finance cost - (81) - (81)
Foreign exchange (loss) / gain (343) 66 - (277)
Loss for the period before taxation (1,976) (4,475) (8) (6,459)
Tax (12)
Net loss for the period (6,471)
Total assets 4,327 232,448 5 236,780
Total liabilities (9,080) (57,422) (59) (66,561)
Depreciation of property, plant and equipment 8 2,199 - 2,207
Amortisation of intangible assets - 314 - 314
Total net additions of non-current assets - 17,079 - 17,0079
Three months ended 30 June 2015 Cyprus Spain Other Total
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) (371) (861) - (1,232)
Depreciation/amortisation charge (132) (57) - (189)
Finance cost (1,958) (61) - (2,019)
Foreign exchange loss (1,715) (20) - (1,735)
Loss for the period before taxation (4,176) (999) - (5,175)
Tax -
Net loss for the period (5,175)
Six months ended 30 June 2015 Cyprus Spain Other Total
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) (1,284) (5,202) (10) (6,496)
Depreciation/amortisation charge (132) (57) - (189)
Finance cost (4,092) (136) - (4,228)
Foreign exchange loss (4,866) (56) - (4,922)
Loss for the period before taxation (10,374) (5,451) (10) (15,835)
Tax -
Net loss for the period (15,835)
Total assets 23,803 166,052 9 189,864
Total liabilities (383) (13,194) (35) (13,612)
Depreciation of property, plant and equipment 9 57 - 66
Amortisation of intangible assets 123 - - 123
Total net additions of non-current assets 123 35,820 - 35,943
4. Net finance cost
Three months ended 30 June 2016 Three months ended 30 June 2015 Six months ended 30 June 2016 Six months ended 30 June 2015
Interest expense 25 61 52 136
Interest income (4) (1) (18) (1)
Rehabilitation cost 24 - 47 -
Accretion expense on convertible note - - - 31
Bridge loan interest expense - 678 - 1,232
Convertible note interest expense - 766 - 1,178
Bridge loan financing expenditure - 1,342 - 1,342
Loss on fair value on conversion of the convertible note - (827) - 310
45 2,019 81 4,228
5. Basic and fully diluted loss per share
The calculation of the basic and fully diluted loss per share attributable to
the ordinary equity holders of the parent is based on the following data:
Three months ended Three months ended 30 Six months ended Six months ended 30
30 June 2016 June 2015 30 June 2016 June 2015
Parent (730) (4,176) (1,379) (10,374)
Subsidiaries (2,484) (999) (5,092) (5,461)
Loss attributable to the ordinary holders of the parent (3,214) (5,175) (6,471) (15,835)
Weighted number of ordinary shares for the purposes of basic loss per share (000's) 116,680 51,811* 116,680 49,903*
Basic loss per share:
Basic and fully diluted loss per share (cents) (2.8) (9.9) (5.5) (31.7)
* Adjusted for the 30:1 share consolidation which took place in October 2015
6. Property, plant and equipment
Cost Land and buildings Plant and machinery Mineral rights Assets under construction Deferred mining costs(2) Other assets(3) Total
At 1 January 2015 35,797 29,087 - - - 1,086 65,970
Additions 23 27,747 - - 68 27,838
At 30 June 2015 35,820 56,834 - - - 1,154 93,808
Additions / (reclassifications) 3,971(1) (27,770) - 88,885 10,334 4 75,424
Reclassifications (730) (5,860) 950 5,640 - - -
Disposals - (158) - - (132) (290)
At 31 December 2015 39,061 23,046 950 94,525 10,334 1,026 168,942
Additions 46 16,994 - - 39 17,079
Reclassifications - 46,935 - (41,731) (5,204) - -
Reclassifications -intangibles - 1,614 - - - - 1,614
Disposals - - - - - (5) (5)
At 30 June 2016 39,107 88,589 950 52,794 5,130 1,060 187,630
Depreciation
At 1 January 2015 - 158 - - - 498 656
Charge for the period - - - - - 66 66
At 30 June 2015 - 158 - - - 564 722
Charge for the period - - - - - 86 86
Disposals - (158) - - - (132) (290)
At 31 December 2015 - - - - - 518 518
Charge for the period 658 1,652 - - - (103) 2,207
Disposals - - - - - (5) (5)
At 30 June 2016 658 1,652 - - - 410 2,720
Net book value
At 30 June 2016 38,449 86,937 950 52,794 5,130 650 184,910
At 31 December 2015 39,061 23,046 950 104,859 - 508 168,424
(1) Rehabilitation provision
(2) Stripping costs
(3) Includes motor vehicles, furniture, fixtures and office equipment which
are depreciated over 5-10 years.
The above property, plant and equipment is located in Cyprus and Spain.
7. Intangible assets
Cost Permits of Rio Tinto Project Acquisition of mineral rights Goodwill Total
At 1 January 2015 17,655 310 10,023 27,988
Additions 7,982 - 123 8,105
At 30 June 2015 25,637 310 10,146 36,093
Reclassification (5,479) - - (5,479)
Disposals/closure of subsidiaries - (310) (813) (1,123)
At 31 December 2015 20,158 - 9,333 29,491
Reclassifications - property, plant and equipment (1,614) - - (1,614)
Other reclassifications 48 - - 48
At 30 June 2016 18,592 - 9,333 27,925
Provision for impairment
On 1 January 2015 - 310 10,023 10,333
Provision for the period - - 123 123
At 30 June 2015 - 310 10,146 10,456
Disposal/closure of subsidiaries - (310) (813) (1,123)
At 31 December 2015 - - 9,333 9,333
Provision for the period 314 - - 314
At 30 June 2016 314 - 9,333 9,647
Net book value
At 30 June 2016 18,278 - - 18,278
At 31 December 2015 20,158 - - 20,158
The useful life of the intangible assets is estimated to be not less than
fourteen years from the start of production (the revised Reserves and
Resources statement which was announced in July 2016 has increased the life of
mine to 16 ½ years). The ultimate recoupment of balances carried forward in
relation to areas of interest or all such assets including intangibles is
dependent on successful development, and commercial exploitation, or
alternatively sale of the respective areas. The Group conducts impairment
testing on an annual basis unless indicators of impairment are present at the
reporting date. In considering the carrying value of the assets at Proyecto
Riotinto, including the intangible assets and any impairment thereof, the
Group assessed the carrying values having regard to (a) the current recovery
value (less costs to sell) and (b) the net present value of potential cash
flows from operations. In both cases, the estimated net realisable values
exceeded current carrying values and thus no impairment has been recognised.
Goodwill of E9,333,000 arose on the acquisition of the remaining 49% of the
issued share capital of Atalaya Riotinto Minera S.L.U. ("ARM") back in
September 2008. This amount was fully impaired on acquisition, in the absence
of the mining license back in 2008.
8. Inventories
30 June 2016 31 Dec 2015
Finished products 6,216 -
Materials and supplies 4,749 -
10,965 -
9. Trade and other receivables
30 June 2016 31 Dec 2015
Trade receivables 1,016 -
Receivables from related parties (Note 16.4) 570 6,541
Deposits and prepayments 1,109 1,114
VAT 8,789 7,970
Other receivables 192 1,007
11,676 16,632
The fair values of trade and other receivables approximate to their carrying
amounts as presented above.
10. Share capital and share premium
Shares000's Share CapitalStg£'000 Share premiumStg£'000 TotalStg£'000
Authorised
Ordinary shares of Stg £0.075 each* 200,000 15,000 - 15,000
Issued and fully paid 000's Euro 000's Euro 000's Euro 000's
Balance at 1 January 2016 and 30 June 2016 116,679 11,632 277,238 288,870
Authorised capital
2015
*Following the Company's EGM on 13 October 2015, the consolidation of ordinary
shares came into effect on 21 October 2015, whereby all shareholders received
one new ordinary share of nominal value Stg £0.075 for every 30 existing
ordinary shares of nominal value Stg £0.0025.
2016
The Company's authorised share capital is 200,000,000 ordinary shares of Stg
£0.075 each.
Issued capital
2016
No shares were issued in the period from 1 January 2016 to 30 June 2016.
Warrants
The Company has issued warrants to advisers to the Group. Warrants, noted
below, expire three or five years after the grant date and have exercise
prices ranging from Stg £1.425 to Stg £3.150.
Details of share warrants outstanding as at 30 June 2016:
Number of warrants
Outstanding warrants at 1 January and 30 June 2016 473,061
11. Other reserves
Share option Bonus share Available-for-sale investment Total
At 1 January 2015 5,973 44 (202) 5,815
Change in value of available-for-sale investment - - (172) (172)
Bonus shares issued in escrow - 50 - 50
Warrant issue costs 122 - - 122
Recognition of share based payments 76 - - 76
At 30 June 2015 6,171 94 (374) 5,891
Bonus shares issued in escrow - 51 - 51
Change in value of available-for-sale investment - - (510) (510)
Recognition of share based payments 76 - - 76
At 31 December 2015 6,247 145 (884) 5,508
Change in value of available-for-sale investments - - 193 193
Bonus shares issued in escrow - 63 - 63
Recognition of share based payments 68 - - 68
At 30 June 2016 6,315 208 (691) 5,832
Share options
No share options were issued in the period from 1 January 2016 to 30 June
2016. Details of share options outstanding as at 30 June 2016:
Number of share options 000's
Outstanding options at 1 January 2016 931,654
- cancelled/expired during the reporting period (113,331)
Outstanding options at 30 June 2016 818,323
12. Trade and other payables
30 June 2016 31 Dec 2015
Non-current trade and other payables
Social Security* 208 1,741
Land options 135 155
343 1,896
Current trade and other payables
Trade payables 48,594 37,106
Deferred income 5,403 -
Deferred income (Note 16.4) 3,503 -
Social Security* 3,248 2,867
Land options and mortgage 774 789
Accruals 642 1,124
Tax liability 36 24
Other - 1
62,200 41,911
The fair values of trade and other payables due within one year approximate to
their carrying amounts as presented above.
* On 25 May 2010 ARM recognised a debt with the Social Security's General
Treasury in Spain amounting to E16.9 million that was incurred by a previous
owner in order to stop the execution process by Public Auction of the land
over which Social Security had a lien. E13.5 million has been repaid to date.
Originally payable over 5 years, the repayment schedule was subsequently
extended until June 2017.
13. Provisions
Rehabilitation costs
At 1 January 2015 -
Additions 3,971
At 31 December 2015 3,971
Charge to profit and loss as finance cost (Note 4) 47
At 30 June 2016 4,018
30 June 2016 31 Dec 2015
Non-current 4,018 3,971
Current - -
Total 4,018 3.971
Rehabilitation provision represents the accrued cost required to provide
adequate restoration and rehabilitation upon the completion of production
activities. These amounts will be settled when rehabilitation is undertaken,
generally over the project's life.
14. Derivative instruments
As at 30 June 2016, Atalaya had certain short term foreign exchange contracts.
The contracts were in an unrealised gain position which was recorded as a
foreign exchange gain in the income statements (30 June 2016 - E54,000), as
part of net foreign exchange loss, the corresponding receivable amount
recorded in other receivables. The relevant information of the contracts is as
follows:
Foreign exchange contracts - Euro/USD
Period Contract type Amount in USD Contract rate Strike
June 2016 - March 2017 FX Forward - Put 5,000,000 1.0955 n/a
FX Forward - Call 10,000,000 1.0955 1.0450
The counter parties of the foreign exchange agreements are third parties.
15. Acquisition and disposal of subsidiaries
There were no acquisitions in the six months ended 30 June 2016.
16. Related party transactions
The following transactions were carried out with related parties:
16.1 Compensation of key management personnel
The total remuneration and fees of Directors (including Executive Directors)
and other key management personnel was as follows:
Threemonths ended30 June 2016 Threemonths ended30 June 2015 Sixmonths ended30 June 2016 Sixmonths ended30 June 2015
Directors' remuneration and fees 175 170 350 258
Share option-based benefits to directors 14 14 28 28
Bonus shares issued to director, in escrow 31 25 63 50
Key management personnel remuneration 95 157 190 315
Share option-based and other benefits to key management personnel 8 20 16 26
323 386 647 677
16.2 Share-based benefits
The directors and key management personnel have not been granted options
during the three month period.
16.3 Transactions with shareholders
Threemonths ended30 June 2016 Threemonths ended30 June 2015 Sixmonths ended30 June 2016 Sixmonths ended30 June 2015
Trafigura - Sales of goods (pre commissioning sales offset against the cost of constructing assets) - - 2,452 -
Trafigura - Sales of goods 6,497 - 11,393 -
6,497 - 13,845 -
16.4 Period-end balances with shareholders
30 June 2016 31 Dec 2015
Receivables from related parties (Note 9):
Trafigura 570 6,541
The above debtor balance arising from sales of goods bears no interest and is repayable on demand.
Deferred income (Note 12):
Orion 3,503 -
17. Contingent liabilities
Deferred consideration
In September 2008, the Group moved to 100% ownership of ARM (and thus full
ownership of Proyecto Riotinto) by acquiring the remaining 49% of the issued
capital of ARM. The cost of the acquisition was satisfied by issuing
39,140,000 Ordinary Shares to MRI Trading AG ("MRI") at an issue price of 21p
per Ordinary Share and a deferred cash settlement of up to E53 million
("Deferred Consideration"), (including loans of E9,116,617.30 owed to
companies related to MRI incurred in relation to the operation of Proyecto
Riotinto). The obligation to pay the Deferred Consideration is subject to the
satisfaction of the following conditions (the "Conditions"): (a) all
authorisations to restart mining activities in Proyecto Riotinto having been
granted by the Junta de Andalucía ("Permit Approval"); and (b) the Group
securing a senior debt finance facility for a sum sufficient to restart mining
operations at Proyecto Riotinto ("Senior Debt Facility") and being able to
draw down funds under the Senior Debt Facility.
Originally the Group was obliged to pay the Deferred Consideration in
instalments commencing on the date of drawdown under the Senior Debt Facility
until the second anniversary of commercial production at Proyecto Riotinto.
On 31 March 2009, pursuant to a deed of amendment, MRI consented to the Group
paying the Deferred Consideration over a period of six or seven years
following satisfaction of the Conditions (the "Payment Period"). In return,
the Company agreed to potentially pay further Deferred Consideration of up to
E15,900,000 in regular instalments over the Payment Period depending upon the
price of copper. Any such additional Deferred Consideration would only be
payable if, during the relevant period, the average price of copper per tonne
is US$6,614 or more (US$3.00/lb). On 11 November 2011 MRI novated its right
to be paid the Deferred Consideration to Astor Management AG ("Astor").
As security, inter alia, for the obligation to pay the Deferred Consideration
to Astor, EMED Holdings (UK) Limited has granted a pledge to Astor Resources
AG over the issued capital of ARM and the Company has provided a parent
company guarantee.
As at the date of this report, the Permit Approval condition has been
satisfied. However, the Group has not entered into arrangements in connection
with a Senior Debt Facility and, in the absence of drawdown of funds by the
Group pursuant to a Senior Debt Facility, there is significant doubt
concerning the legal obligation on the Company to pay any of the Deferred
Consideration.
On 2 November 2015, the Company announced that it was in receipt of a formal
claim from Astor (the "Claim"). The Claim was made in the High Court of
Justice in London against the Company and certain other members of the Group.
In its Claim, Astor is claiming, inter alia, that the Conditions have been
satisfied and the first instalment of the Deferred Consideration is due
(together with damages). The Company is disputing this and it is defending
the proceedings vigorously. The Company continues to work closely with its
legal advisors in preparing for trial at the High Court of Justice in London.
The date for the trial has been set for 30 January 2017.
Judicial and administrative cases
On 23 September 2010, ARM was notified that the Andalucían Water Authority
("AWA") had initiated a Statement of Objections and Opening of File (the
"Administrative File 2010") following allegations by third parties of
unauthorised industrial discharges from the Tailings Management Facility
("TMF") at the Rio Tinto Copper Mine in the winter months of late 2010 and
early 2011. These assertions are judicial (alleging negligence) and
administrative (alleging damage to the environment) in nature. At that time,
the Company owned 33% of the TMF and the owners of the remaining 67% are
co-defendants (Rumbo and Zeitung).
In December 2011, the judicial claims were dismissed in the initial discovery
phase by the appeals Court (upholding a lower court decision) finding that the
controlled discharges of excess rainwater were force majeure events carried
out to protect the stability of the TMF, thereby ensuring public safety and
protection of the environment (the "Court Decisions").
Given that all judicial claims were dismissed in the very early stages of the
court´s investigation, no formal charges were ever made against ARM or against
any of its Directors or Officers.
Now that the Court Decisions are final, the Administrative File 2010, which
can only result in a monetary sanction against the co-defendants, was
re-opened in 2012. The defence arguments successfully used in a later case
which has been dismissed on 11 February 2015 (see below) will be used in the
defence of Administrative File 2010 and the management is positive that they
will be accepted.
On January 2, 2013 ARM, Rumbo and Zeitung were notified of a Resolution of
Fine and Damages (in a total amount of E1,867,958.39). In February 2013 ARM
appealed this Resolution and the Court has agreed that the Fine and Damages
amount be secured by a mortgage over certain properties owned by ARM until the
final decision on the alleged discharges is known.
In the Company's view, no "industrial discharge" took place, but rather a
force majeure controlled discharge of excess rainwater accumulated in the TMF
since industrial operations ceased in the early 2000´s with no actual damage
to the environment having taken place.
In the Company's view it is unlikely that any fine or sanction will be imposed
against ARM once the Administrative File 2010 reaches its final conclusion
after all appeals are exhausted in approximately 3-5 years. On 28 January
2016, the Court ruled in favour of ARM, Rumbo and Zeitung. On 26 April 2016
the Court issued a final decree by which the 28 January 2016 ruling was
declared final.
On 20 January 2014, ARM was notified that the Huelva Territorial Delegation of
the Ministry of Environment (which has absorbed the former AWA) had initiated
another disciplinary proceeding for unauthorised discharge (the
"Administrative File 2013") of administrative nature following allegations by
the administration of alleged unauthorised industrial discharges from the TMF
at the Rio Tinto Copper Mine during the heavy rains occurred from 7 March to
25 April 2013. The Administration has proposed the amount of E726,933.30 as
compensation for alleged damages to the environment ("Public Water Domain")
and a fine of between E300,507 and E601,012. On 11 February 2015, the Huelva
Territorial Delegation of the Ministry of Environment dismissed the case. On
13 May 2015, the Huelva Territorial Delegation of the Ministry of Environment
re-opened the Administrative File 2013. Written allegations were submitted on
30 May 2015. On 29 March 2016 the Huelva Territorial Delegation of the
Ministry of Environment dismissed finally and without further recourse the
Administrative File 2013.
On 19 February 2015, ARM was notified that the Huelva Territorial Delegation
of the Ministry of Environment had initiated another disciplinary proceeding
for unauthorised discharge (the "Administrative File 2014") which has proposed
a fine of between E300,507 and E601,012. On 10 March 2015 the Company
submitted the relevant defence arguments.
The Junta de Andalucía notified ARM of another disciplinary proceeding for
unauthorised discharge in 2014. ARM submitted the relevant defence arguments
on 10 March 2015 but has had no response or feedback from the Junta de
Andalucía since the submissions. Based on the time that has lapsed without a
response, it is expected that the outcome of this proceedings will also be
favourable for ARM. Once the necessary time has lapsed, ARM will ask for the
Administrative File to be dismissed.
18. Commitments
Spain
There are no minimum exploration requirements at Proyecto Riotinto. However,
the Group is obliged to pay municipal land taxes which currently are
approximately E110,000 per year in Spain and the Group is required to maintain
the Riotinto site in compliance with all applicable regulatory requirements.
As part of the consideration for the purchase of land from Rumbo, ARM has
agreed to pay a royalty to Rumbo subject to commencement of production of
$250,000 in each quarter where the average price of LME copper or the average
copper sale price achieved by the Group is at least $2.60/lb. No royalty is
payable in respect of any quarter where the average copper price for that
quarter is below this amount and in certain circumstances any quarterly
royalty payment can be deferred until the following quarter. The royalty
obligation terminates 10 years after commencement of production.
Commencement of production is defined as being the first to occur of
processing of ore at a rate of nine million tonnes per annum for a continuous
period of six months or the date that is 18 months after the first product
sales from Proyecto Riotinto.
ARM has entered into a 50/50 joint venture with Rumbo to evaluate and exploit
the potential of the class B resources in the tailings dam and waste areas at
Proyecto Riotinto. Under the joint venture agreement, ARM will be the
operator of the joint venture, will reimburse Rumbo for the costs associated
with the application for classification of the Class B resources and will fund
the initial expenditure of a feasibility study up to a maximum of E2 million.
Costs are then borne by the joint venture partners in accordance with their
respective ownership interests. Half of the costs paid by ARM in connection
with the feasibility study can be deducted from any royalty which may fall due
to be paid.
At Proyecto Riotinto, the Group had four year options with each of Zeitung and
Inland for the purchase of certain land plots adjacent to the mine at a
purchase price of E4,202,000 (expiry date 31 July 2016) and E4,648,000 (expiry
date 2 August 2016) respectively. The completion of the infill drilling
programme, assays and updating of the block model provided the Group with a
better understanding of the mineralisation. Based on these results, the Group
took the view that the options on the said land plots were no longer necessary
and opted not to exercise them.
19. Significant events
The Group declared commercial production on 1 February 2016. The
commissioning of the expansion project began in May 2016, with nameplate
capacity of 9.5Mtpa forecast by the end of 2016.
The updated Reserves and Resources statement released on 14 July 2016
indicated a 12% increase in contained reserves and extended life of mine to 16
½ years.
20. Events after the reporting period
On 7 July 2016, the Annual General Meeting was held at Rio Tinto, in Spain,
with all resolutions being passed by shareholders. On the same day, Atalaya
announced the appointment of Mr Cesar Sanchez as Group Chief Financial
Officer.
On 5 September 2016, the Company announced the completion of a US$14 million
prepayment funding facility with Transamine Trading S.A. The facility covers
part of the Group's short term working needs in order to support itself
through the ramp-up phase. The Group continues to work on alternative funding
solutions to improve its balance sheet and its working capital position during
the ramp-up period to full expanded production.
There were no other events after the reporting period, which would have a
material effect on the consolidated financial statements.
This information is provided by RNS
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