Atalaya Mining Share Discussion Threads

[robmcelf2] 06/4/2021 16:31

I'm guessing Thursday 15th April for Q1 update, based on previous quarterly ops updates but if it's earlier then great!

[gekks] 06/4/2021 15:52

Q1 Update tomorrow ?

[qs99] 06/4/2021 15:35

CAML also motoring ....ahem....

[lasata] 06/4/2021 15:14

Looks like bull flag forming on ATYM chart....

[estienne] 06/4/2021 13:47

Sounds like a pretty rational opinion nedludd

[tommyttrades] 06/4/2021 13:20

Looking who will be the six named mining "giants" in line for funds...It does sound imminent and has been officially announced


Has to be Matsa ( Mubadala/Trafigura)

Atalaya

Cobre Las Cruces ( First Quantum)

Minera Los Frailes ( Grupo Mexico)...still under investigation of corruption

Tharsis

and another ??

[qs99] 05/4/2021 16:15

Copper price heading north again!

[nedludd] 05/4/2021 14:04

LLB. I believe the company has been providing for the Astor debt (please correct me if I`m wrong) so that and new profits could release finance for most if not all the new project requirements but, as we are dealing with unknown costs at the moment that remains to be seen.

Doesn`t stop them paying a dividend in the meantime though and an announcement could be made with the Q1 2021 financials.

[laurence llewelyn binliner] 05/4/2021 13:19

On 15 March 2021, the Company approved the early payment of the Deferred Consideration. The Deferred Consideration was funded by unsecured credit lines from four major Spanish banks having a three-year tenure and an average annual interest rate of approximately two per cent.

The payment of the Deferred Consideration does not end the ongoing litigation as the issue as to whether any residual interest may or may not be payable remains unresolved..

Irrespective of the outcome of the court case, I do not think it is reasonable to expect a dividend until at least the new debt is paid off, so 3 years out from now minimum, then Touro/Masa Verde will need funding too..

[mip55] 05/4/2021 11:56

The fact of the matter remains that - and I take Waterloo's point on this - the court is going to have to determine what, if any, interest needs to be paid. The company can hardly expect to give away money that it might require to service this potential debt.

[nedludd] 05/4/2021 11:47

Don`t know why dividends couldn`t be paid this year. Why mention them if it was some years off. That would be leaving themselves open to criticism.

Estienne. Don`t think they could mention dividends as part of the end of year financials because the legal conditions still applied. They mentioned them once they had announced the agreement to pay off the Astor debt.

As Waterloo01 explained, I too think the excess cash rule applies as far as interest is concerned. Why agree to an interest clause which could "double the debt" as in the LLB scenario.

Only my opinion, of course.

[waterloo01] 04/4/2021 18:26

From my understanding the time from where any interest might be due, if at all, is from the date that they generated 'excess cash' until they paid them off. Any legal argument will be around the definition of excess cash, but considering at the last court case the judged ruled that the sum was not as yet due, by default it couldn't be more than 1-2 years worth, at worst, if at all. IMO

[mip55] 04/4/2021 17:59

This from the RNSThe Company is of the view that no interest is payable as excess cash has not yet been generated The Company expects this process to be resolved over the next 12-18 months with the Courts determining whether any interest is payable and if so, at what level.So clearly within the wording of the original loan there was some form of interest agreed but it seems to have been contingent upon ATYM generating excess cash.

[waterloo01] 04/4/2021 17:46

Interesting links, thanks. Re Astor, there was never any mention by ATYM nor Astor that came up in the court case, and I'm almost certain no interest is due. They went over a great deal of ground in the case including into the master agreement and suppletory ones and at no point does it come up. Nor is it mentioned in any of the judges summing up.

[tommyttrades] 04/4/2021 17:19

Just looked in on ABC Sevilla, they go further in their interpretation of...All extremely positive news

edited relevant part

hxxps://sevilla.abc.es/economia/sevi-seis-grandes-mineras-andaluzas-lanzan-proyecto-tractor-3100-millones-para-captar-fondos-europeos-202104041758_noticia.html

translated as...The six large Andalusian mining companies launch a project of 3,100 million to attract European funds

This great performance, which is located in the Iberian Pyrite Belt , between the provinces of Seville and Huelva , brings together a score of industrial and infrastructure investments led by the six main companiesoperating in this industrial segment. The sustainable use of metallic minerals and the use of clean energy sources are the main articulating axes of the initiative, whose launch is associated with the generation of an estimated 6,800 jobs .
Most of the actions identified in this macro-project are in advanced stages of administrative processing


Use of technological patents.
These actions presented to European funds will launch new metal recovery processes that are currently not being exploited through various technological patents. In addition, the projects foresee incorporating renewable sources in energy generation , especially photovoltaic energy and the use of biomass that will be applied both in the processes and in the facilities used. Similarly, the initiatives contemplate the promotion of industrial and mining alliances that will be able to strengthen European supply chains and will consolidate Andalusia and Spain as an international benchmark .

Likewise, among the proposed measures are the recovery of critical metals such as cobalt, indium and zinc contained in primary and secondary materials; obtaining precious metals from ores, and recovering palladium and platinum concentrates. It also includes extractive activity and on-site treatment for the production of refined metals or products with high added value such as copper, zinc, lead, gold and silver, as well as technological development initiatives in mineral concentration processes.

Likewise, the environmental regeneration of degraded areas is included , through a low-carbon mining operation.

Metal mining data
The mining sector in Andalusia has 464 active operations , which have made the region a national benchmark in the production of substances such as copper, iron oxide, plaster or marble .

According to the latest Statistics published by the Ministry of Ecological Transition, in 2018 the Andalusian mining sector represented 39% of the value of national production , reaching 1,359 million euros . In recent years, this sector has been experiencing spectacular growth, in which the metal subsector stands out in first position. Precisely, the project presented by Andalusia to the Next Generation resources will favor the promotion of this segment , which aspires to lead Andalusian industrial growth.

According to the data provided by the Association of Research, Extraction, Mining and Metallurgical Transforming, Auxiliary and Service Companies (AMINER), Andalusian metal mining has billed 3,200 million euros in 2019 and has registered exports worth 1,700 million . Its business fabric, which generates 10,000 direct jobs and up to 30,000 indirect jobs , has processed 17 million tons of mineral annually . Obviously, in 2020, the pandemic had a negative impact on the data for that exercise

[tommyttrades] 04/4/2021 17:06

Update on the plans of Andalucian Junta for the EU "next generation" funds

hxxp://www.juntadeandalucia.es/presidencia/portavoz/economiayempleo/159366/Economia/Empresas/NextGeneration/Mineria/FajaPiritica/Empleo

The Board presents to the Next Generation a mining project of 3,100 million for the Pyrite Belt.

Most of the actions identified in this macro-project are in advanced stages of administrative processing , which will allow their implementation in the short term. Hence, the Ministry of Economic Transformation has been working in recent months with both industrial segments to achieve the capture of resources associated with the Next Generation
The proposed initiatives propose actions for the production, transformation and recovery of metals that are part of the group of fundamental raw materials configured by the European Commission. In this Andalusian mining enclave there are massive sulfide deposits that are exploited to recover copper, zinc, lead, silver and gold, as well as mineralizations of cobalt and others of gallium, indium and germanium ........


Would like to think that some of the innovations and projects Atalaya have will attract some of these funds, ELIX , Masa Verde, expansion at Rio Tinto, possibly why we've had no updates on reserves yet.


If you look at the official Galician Boletin they have 254 ( my approx fig., exact no. is there) projects, not solely mining, in the pipeline also..So hopefully will tie in with their new streamlined mining initiative

[laurence llewelyn binliner] 03/4/2021 18:52

#QS99 the deferred consideration was EURO 53M, and interest (if due) on that number compound for a decade could be very significant and perhaps double the debt size..

I do not see a dividend here for a few years with Touro and Massa Verde to fund into builds...

But over time, yes, we will see a dividend, how soon is anyones guess..

[qs99] 03/4/2021 10:22

well the capital sum was not that high that interest will have accrued at tens of millions, so given the EBITDA being chucked off, and without seeing latest CFs within broker forecasts, I can't see why a divi, even a small one, can't be on the cards in the next 12 mnths....?

[mip55] 03/4/2021 10:16

I agree, no way the company can pay a dividend until they find out what the interest liability on the deferred payment might be.

[estienne] 03/4/2021 09:30

There won't be a dividend this year. If there were to be one it would have been announced to coincide with last year's final results.

[beiber39] 02/4/2021 10:01

Hi,

anyone an idea of the% value of the divi?

2% to 5% per annum??

[mronions] 01/4/2021 12:52

What chances of special dividend Q1? Unlikely I know. However I want a dividend ... we are gonna get a dividend. I hope a stock dividend (keeps it Spanish style, many companies in Spain pay stock dividends, and can be done in UK). UP UP UP, this is only going one way. Copper super cycle .... 600p here we go.

[robmcelf2] 01/4/2021 09:26

ATYM gets a tiny mention in the Investors Chronicle yesterday as part of a larger article about commodities supercycle.

[gekks] 01/4/2021 09:00

for most - div. announcement around 4-6 weeks before Ex-Div date and payment around 6 weeks after that