Atalaya seeking admission to London's main market

13th Nov 2023 11:54

(Sharecast News) - Atalaya Mining announced its intention on Monday to seek admission for its shares to the premium segment of the Official List and begin trading on the London Stock Exchange main market.

The AIM-traded firm said it was designed to enhance its corporate profile and attract new institutional investors.

Since resuming operations at Proyecto Riotinto in 2016, Atalaya said it had established itself as a leading European producer of copper - a vital commodity for economic growth and the energy transition.

The company said it had also developed a portfolio of growth projects in Spain's world-class mineral districts while maintaining a sustainable dividend policy.

Its board said admission to the main market was the next step in building on that success.

Atalaya said it did not intend to raise any funds or issue new securities in connection with the admission, instead effecting it by introducing its existing ordinary shares.

The process would be subject to FCA approval of a prospectus, the shares being admitted to the premium segment by the FCA, and approval by the London Stock Exchange for trading on the main market.

Pending those conditions, admission was expected before the end of December.

As a result, the firm had given notice of its intended cancellation of trading its shares on AIM, which was also expected before the end of December.

Shareholder approval was not expected to be a condition for admission.

"In the last eight years we have established Atalaya as one of Europe's leading copper producers, achieving scale, growth and consistency," said chief executive officer Alberto Lavandeira.

"At the same time, copper has become widely regarded as a strategic metal due to its important role in the energy transition.

"We are committed to building upon the significant growth we have achieved to date and our intention to seek admission to the premium listing segment of the Official List reflects our confidence in our future prospects, our expanding investor base and our ambition to become a multi-asset producer with a portfolio of sustainable, scalable and low-risk operations."

At 1133 GMT, shares in Atalaya Mining were up 3.5% at 296p.

Reporting by Josh White for Sharecast.com.