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Result of Appeal

1 Nov 2018 12:25

RNS Number : 0611G
Atalaya Mining PLC
01 November 2018
 

1 November 2018

Atalaya Mining Plc.

("Atalaya" and/or the "Company")

Astor Management AG ("Astor") case ("Astor Case") update

 

Atalaya Mining Plc. (AIM:ATYM, TSX:AYM) the European mining and development company, announces that judgment was handed down in the Astor Case in the Court of Appeal earlier today.

The Court of Appeal confirmed the ruling from the High Court made on 6 March 2017, which was announced by the Company on that date.

In summary, the deferred consideration, as fully set out in the Company's announcement of 2 November 2015 when it was first notified of the claim ("Deferred Consideration"), payable to Astor under the master agreement entered into in 2008 between inter alia the Company and Astor ("Master Agreement"), did not start to become payable when permit approval was granted for the Rio Tinto Copper Project ("Proyecto Riotinto"). In addition, the intra-group loans by which funding for the restart of mining operations was made available to the Company's subsidiary, Atalaya Riotinto Minera S.L. did not constitute a "Senior Debt Facility" so as to trigger payment of the Deferred Consideration. Accordingly, the first instalment of the Deferred Consideration has not fallen due.

While the Company is not in breach of any of its obligations, the Master Agreement and its provisions remain in place. Accordingly, other than up to US$10 million a year which may be required for non-Proyecto Riotinto related expenses, Atalaya Riotinto Minera S.L. cannot make any distribution or any repayment of the money lent to it by its holding company and must apply any excess cash to pay the Deferred Consideration, until this has been paid in full.

The Company will not ask for permission to appeal and, as a consequence, any excess cash (after payment of operating expenses, sustaining capital expenditure, any senior debt service requirements and up to US$10 million (for non-Proyecto Riotinto related expenses)) will be used to pay the Deferred Consideration.

Alberto Lavandeira, CEO commented:

"The Company is pleased with the Court of Appeal's decision, which confirmed it acted in accordance with the Master Agreement and is not in breach of its obligations, as previously ruled by the High Court of Justice. The Court's decision also sets out that in the absence of a Senior Debt Facility, the Deferred Consideration is only payable out of excess cash generated by Proyecto Riotinto. The Company believes that this result now provides a level of certainty around the position with regard to Astor now that the appeal process has been concluded."

About Atalaya Mining Plc

Atalaya is an AIM and TSX-listed mining and development group. It produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain, which is also undergoing a brownfield expansion. 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 which is currently in the permitting stage. For further information, visit www.atalayamining.com

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014.

 

Contacts:

Newgate Communications

Elisabeth Cowell / Adam Lloyd/ Tom Carnegie

+44 20 7680 6550

4C Communications

Carina Corbett

+44 20 3170 7973

Canaccord Genuity (NOMAD and Joint Broker)

Martin Davison / Henry Fitzgerald-O'Connor / James Asensio

+44 20 7523 8000

BMO Capital Markets (Joint Broker)

Jeffrey Couch / Tom Rider / Michael Rechsteiner

+44 20 7236 1010

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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MSCLLFFFLILLIIT
Date   Source Headline
14th Aug 20138:00 amRNSHalf Yearly Report
6th Aug 20137:00 amRNSRio Tinto Copper Project Update
15th Jul 20137:00 amRNSCompletion of £9.6 million Loan Note Subscription
3rd Jul 20137:00 amRNSQUARTERLY OPERATIONAL UPDATE
26th Jun 201312:32 pmRNSAGM Director Voting Results
24th Jun 20137:00 amRNSSubscription Agreements
21st Jun 20137:39 amRNSNew Exploration Licence Awarded
20th Jun 20138:20 amRNSExercise of Options
18th Jun 201311:04 amRNSExercise of Options - Correction
18th Jun 20138:00 amRNSExercise of Options
13th Jun 201310:48 amRNSAGM Statement
13th Jun 201310:47 amRNSResult of AGM
13th Jun 20138:51 amRNSFunding Update
3rd Jun 20137:00 amRNSPermitting Update
30th May 20137:00 amRNSInvestor Briefing
23rd May 20137:00 amRNSPermitting Update
17th May 20133:00 pmRNSNotice of AGM
14th May 20133:03 pmRNSQuarterly Financial Report
23rd Apr 20137:00 amRNSEMED Mining at Master Investor
17th Apr 20137:00 amRNSQuarterly Operational Update
16th Apr 20137:00 amRNSTailings Project Update
15th Apr 20137:00 amRNSPermitting Update
4th Apr 201310:59 amRNSExercise of Options
2nd Apr 20137:00 amRNSExposure to Cyprus Bank Restructuring
25th Mar 20135:47 pmRNSAmendment of Option Agreements
25th Mar 20137:00 amRNSFinal Results
21st Mar 20133:38 pmRNSRio Tinto Copper Project Update
18th Mar 20131:05 pmRNSProposed Levy on Deposits in Cyprus
18th Feb 20137:30 amRNSEMED Mining completed an updated Technical Report
16th Jan 20137:00 amRNSQUARTERLY OPERATIONAL UPDATE
9th Jan 20137:00 amRNSShareholder Briefing
19th Dec 20129:27 amRNSResult of GM and Rio Tinto Project Update
11th Dec 20127:00 amRNSInvestor Briefing
28th Nov 201210:00 amRNSDespatch of Circular and EGM
22nd Nov 20122:00 pmRNSApproval of Interim Mining Lease Area in Slovakia
15th Nov 201210:21 amRNSRio Tinto Site Visit
14th Nov 20123:00 pmRNSQuarterly Financial Results
14th Nov 20127:00 amRNSEMED Arranges a US$50 Million Funding Package
18th Oct 20127:00 amRNSUpdate of Progress at Rio Tinto Copper Project
2nd Oct 20124:35 pmRNSReceipt of AAU public comments report
1st Oct 20127:00 amRNSAppointment of Non-Executive Director
27th Sep 20129:10 amRNSQUARTERLY OPERATIONAL UPDATE
19th Sep 20127:00 amRNSSlovakia Update
4th Sep 20127:00 amRNSEMED Mining progresses towards production
31st Aug 20121:00 pmRNSCompletion of acquisitions of remaining land
20th Aug 20121:30 pmRNSCompletion of US$5m Equity Subscription by XGC
7th Aug 20127:00 amRNS2012 Interim Results
3rd Aug 20127:00 amRNSLand Acquisition
16th Jul 20127:00 amRNSEMED MINING QUARTERLY OPERATIONAL UPDATE
9th Jul 20127:00 amRNSAgreement With Owner of Lands

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