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(Kitco News) - On Tuesday, Atalaya Mining (AIM: ATYM) announced that its wholly-owned Proyecto Masa Valverde (PMV) has been granted the unified environmental authorization.
Importantly, the company said it will now file for the exploitation permit which, once granted, will allow for the development of the project to begin.
Atalaya noted that PMV consists of several volcanogenic massive sulphide type deposits and targets and is strategically located approximately 28 kilometres south of Riotinto's 15 Mtpa processing plant.
The company acquired a 100% interest in PMV in October 2020 and in April 2022, announced a new independent mineral resource estimate for the Masa Valverde and Majadales deposits.
Development of PMV contemplates underground mining of the Masa Valverde and Majadales deposits, which would be accessed by constructing a ramp. Mined material would then be transported by public road to the existing Riotinto plant for processing.
CEO Alberto Lavandeira commented, "This is a very pleasing outcome and the 15-month turnaround from the submission of our proposal highlights that Andalucía is a world-class mining jurisdiction. It is also testament to our focus on developing sustainable operations which show respect to the natural environment and contribute to the development of the regions where we operate.
“With this key milestone now achieved, we plan to complete additional work and continue our exploration campaign to upgrade the existing mineral resource, which has yielded positive results to date. We look forward to updating shareholders as this work progresses.”
Atalaya is an AIM listed mining and development group which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain. Atalaya's current operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a centralised processing hub for ore sourced from its wholly owned regional projects around Riotinto that include Proyecto Masa Valverde and Proyecto Riotinto East.
In addition, the company has a phased earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena.
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