Cyprus-based copper mining firm Atalaya Mining, which owns 100% interest in the Proyecto Riotinto copper deposit in Andalucia, Spain, is reportedly seeking buyers for a takeover.

The company, which is majority-owned by Swiss trading firm Trafigura and Chinese smelter and refiner Yanggu Xiangguang Copper, has reached an agreement with the Bank of Montreal, a Canadian investment bank, to assist with the proposed divestment, Reuters reported citing unnamed sources.

Atalaya is estimated to have a market capitalisation of $433m. Last year, the company produced 166,000t of copper concentrate.

Trafigura and Yanggu Xiangguang own 22% each in Atalaya, while Liberty Metals & Mining Holdings and Orion Mine Finance have a combined shareholding of 28%.

Atalaya purchased the Proyecto Riotinto mining complex from Rio Tinto around 20 years ago. Production at the mine resumed in 2016 at an initial processing rate of 5Mtpa.

“The board confirms that it is undertaking a review to evaluate the company’s strategic options.”

In response to the media speculation regarding potential sale, Atalaya Mining issued a statement that read: “As part of its ongoing responsibility to its stakeholders, the board confirms that it is undertaking a review to evaluate the company’s strategic options. The review is ongoing and there is no guarantee that any particular course of action will proceed.

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“The company will update the market if appropriate and continues to execute on its current business plan, which includes the expansion at Proyecto Riotinto and the development of Proyecto Touro.”

In July this year, the company reported a 29% increase in open pit mineral reserves at Proyecto Riotinto.

As per the update, the Cerro Colorado pit is estimated to contain aggregate open pit proven and probable mineral reserves of 197Mt grading 0.42%Cu.