Conclusion of Astor Management AG litigation

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	[phone]
Canaccord Genuity (NOMAD and Joint Broker)	Henry Fitzgerald-O'Connor / James Asensio	[phone]
BMO Capital Markets (Joint Broker)	Tom Rider / Andrew Cameron	[phone]
Peel Hunt LLP (Joint Broker)	Ross Allister / David McKeown	[phone]

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

 

END

 

 

MSCBKDBQDBKDDNB