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Be the first with the news that moves the market- Atalaya Mining (TSX:AYM) have announced their revised outlook and COVID-19 response plan
- The copper miner does not expect a slow-down in production
- All non-critical site visits to their Spanish Proyecto Rio Tinto mine have been cancelled
- Coronavirus related mandatory health and safety instructions and restrictions are in place for incoming employees and contractors
- Atalaya Mining (AYM) remained steady, with shares trading at C$2.10 and a market cap of $238 million
Atalaya Mining (TSX:AYM) have announced their 2020 production guidance has not changed in the face of the growing COVID-19 pandemic.
The Cyprus based miner of Spanish copper has lost over 30 per cent of its value since the start of February, with shares falling from a high of C$3.66 per share on February 3 to just $2.10 today.
The company assured investors that the pandemic has had no impact on production or shipments from the companies base of operations at the port city of Huelva in south-west Spain.
It should be noted that according to that latest figures from the Spanish Government, Huelva has one of the lowest numbers of COVID-19 cases per capita in the country.
To date, no employees or contractors have tested positive.
There has been no significant disruption to the companies supply chain, and the level of critical consumables and spare prats required for production is at a level the company has deemed acceptable.
Atalaya has however accepted that the future of this pandemic is unknown, and future restrictions and their impacts are still unknown.
They have committed to implementing their business continuity measures, to “mitigate and minimise potential impacts” of the virus one their supply chain, operations and commercial activities.
Atalaya has also committed to following any and all requirements and recommendations from the Spanish Government and local authorities to help prevent the spread of COVID-19.
The move is in line with precautions taken by mining companies all across the world, as companies desperately try to protect production facilities and employees from the virus.
In related news, Torex Resources (TSX:XG) today announced they had taken steps to ban any and all international visitors from their El Limon Quajes mine in Mexico.
Atalaya Mining (AYM) is holding steady, with shares trading for C$2.10 at 1:00 pm EST.
