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Atalaya acquires Proyecto Riotinto royalty for $4.75m

13th April 2018

By: Marleny Arnoldi

Online News Editor

     

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JOHANNESBURG (miningweekly.com) – Copper miner Atalaya Mining has agreed to acquire a royalty over the Proyecto Riotinto project, in Spain, from Rumbo 5-Cero for $4.75-million.

The purchase price will be settled through the issue to Rumbo of 1.69-million shares in Atalaya.

Under the terms of the original royalty agreement, Rumbo had been entitled to receive a royalty payment of up to $250 000 a quarter, if the average copper sales price or London Metal Exchange price for the period is equal to or above $2.60/lb for ten years, up to a maximum amount of $10-million.

Atalaya on February 13 issued new ordinary shares in the company to satisfy the two first instalments due under the royalty agreement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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