European copper producer Atalaya Mining has signed a definitive purchase agreement to acquire the Masa Valverde project in Heluva, Spain, located 28kms away from the Proyecto Riotinto mine. 

 

According to a news release from the miner, the €1.4mn ($1.65mn) transaction will be made it two phase, the first of which will occur once mining permits are approved, and second when production begins. The project has the largest volcanogenic massive sulphide deposit in the region and holds about 66mn mt of ore, grading at 0.67pc Cu, 1.92pc Zn, and 0.90pc Pb.

 

Atalaya plans to drill further to assess the mineral reserves in depth and finish the pre-feasibility study soon. With the new mine in close proximity to Proyecto Riotinto, the company could use transportation and machinery for both projects together. The company produced 14,695mt of copper in Q3 2020, increasing by 39pc from the same quarter last year. 

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