Name of the Project
Proyecto Riotinto copper mine expansion.

Location
Spain.

Project Owner/s
Atalaya Mining.

Project Description
Atalaya has approved the 15-million-tonne-a-year expansion plan at Proyecto Riotinto.

The expansion plan is designed to upgrade processing facilities to increase copper production to between 50 000 t/y and 55 000 t/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Management expects the expansion project to result in an incremental post-tax net present value, at an 8% discount rate, of $113-million, and a post-tax internal rate of return of about 43%, assuming a $3/lb copper price, an $18/oz silver price and a dollar:euro ratio of 1.15.

Capital Expenditure
The capital cost of the project has been estimated at €80.4-million.

Planned Start/End Date
Nominal production is expected to start during the first half of 2020.

Latest Developments
The Proyecto Riotinto operation is now fully validated by the Junta de Andalucía.

The validation of the permits ends all the legal processes previously announced by the company with regard to claims made by interested parties about the approval process of the project.

CEO Alberto Lavandeira has said that the environmental permit to restart Proyecto Riotinto has been declared null by the Tribunal Superior de Justicia de Andalucía, owing to administrative – and not environmental – reasons in the process.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Atalaya Mining, tel +357 2244 2705, fax +357 2242 1956 or email info@atalayamining.com.