Atalaya offers good exposure to copper plus has plenty of growth potential says Gary Newman

Chris Oil, for it was he and the Angus Energy market abuse. Read HERE

Spanish copper miner Atalaya Mining (ATYM) has seen its share price drop back recently, but then the situation has been similar on most producers in this sector and has come as a result of weakness in the commodity price rather than anything company specific. Given its industrial uses, coupled with the expected future supply and demand dynamics, it is hard to see how the metal won’t be trading at far higher levels in the future, following a recent significant drop from nearly $3.30/lb to around $2.70/lb. In my opinion this drop represents a decent buying opportunity, although there is still always a risk of an economic crisis which would likely see a more prolonged period of copper price weakness were it to happen. When it comes to copper miners listed in London that are actually already in production, there isn’t as much choice as you might have imagined, especially once you move away from the larger mining groups.

Explosive Winnileaks - Julie Meyer meddles in administration of Ariadne to remove assets. Tom Winnifrith writes HERE

One that I do like which falls into the category of being a producer, but still at a fairly early stage and with plenty of opportunity to grow, is Atalaya, and I last covered this company back in April 2017 when its shares were trading at 144p to buy. Despite the recent dip it has performed well since then and now trades at a share price of around 217p, and I can see plenty more to come if you continue to remain invested with a longer term view. The company has been doing well operationally at its Proyecto Riotinto in southern Spain, with record production of 10,446 tonnes achieved in Q2 2018 (up until the end of June), and that continued on from a good Q1 to give production of just under 20,000 tonnes for the first six months of the year. At the same time copper recovery from the ore has also been on the rise, although also cash cost and all-in sustaining costs have been on the rise. Like a number of its peers, Atalaya is reliant on copper prices staying buoyant in order to keep its operations profitable, and that is the main risk here with all-in sustaining costs of $2.49/lb during H1 – although these were in line with guidance.

Tern – Interim car-crash: SELL says Nigel Somerville, the Deputy Sheriff of AIM, HERE

Revenue for H1 2018 was significantly higher than the previous year, at €101.5 million compared to €79.1 million, and this resulted in profit after tax more than doubling to €24.5 million for H1, compared to just €11.8 million for the same period in 2017. The company is also fairly cash rich, and at the end of H1 had unrestricted cash balances of more than €51 million. It is also generating strong levels of cash flow, with net cash flow from operating activities, after changes in working capital, of more than €30 million in the first six months of the year. Expansion at its mine is ongoing to increase production, and with proven and probable reserves of 680,000 tonnes of contained copper, plus another 830,000 tonnes in the measured and indicated resources category, the mine should continue to operate for many years to come, even once it reaches its 15Mtpa capacity once expansion is completed.

Frontera Resources falls out with Yorkville which calls in $2.65m debt – it is fecked, will Nomad Cairn walk? Read HERE

In addition to the growth prospects from its existing mine, it also has the potential for further expansion via Proyecto Touro, in northern Spain, and a pre-feasibility study was recently completed. This report showed proven and probable reserves of 392,000 tonnes of copper and 2.1 million ounces of silver, and with all in sustaining costs of $1.85/lb. It will cost $165 million upfront to get the mine to production and it would then have a life of eight years, and during that time is expected to produce free cash flow of around $60 million per annum – although that will largely be dependent on copper prices during that period of time. I like the fact that the company has these two projects, as the producing one underpins the £305 million market cap it commands, and the latter, alongside the expansion of Riotinto, gives attractive growth potential. I still view this as a buy and hold from these levels and think that it offers decent value at the current share price.

Surface Transforms – “pleased to announce” results, so why the share price decline? Steve Moore reviews HERE

Filed under: Atalaya Mining, Chris Oil, Angus Energy, Julie Meyer, Tern, Frontera Resources, Surface Transforms

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07/19/2019

Thoughts On Thomas Cook & Kier from Lucian Miers

07/18/2019

Burberry - excitements sufficient? Chris Bailey reviews

07/17/2019

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07/16/2019

Angling Direct could have long-term potential says Gary Newman

07/15/2019

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Tesla and me - Chris Bailey writes...

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Sainsbury - still searching for a strategy?

07/04/2019

Creightons - we having said we expected the results to highlight the value…

07/03/2019

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07/02/2019

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Why the share prices of those involved in West Newton, Union Jack and Reabold, have not rocketed

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KEFI Minerals - remains a Buy

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06/11/2019

Woodford Patient Capital Trust - Sell says Lucian Miers

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Tesla - a fantastic sell says Lucian Miers

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A FTSE reshuffle look by Chris Bailey

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OptiBiotix Health - still a buy?

06/03/2019

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05/31/2019

Shoe Zone - still a buy?

05/30/2019

Thomas Cook - still a sell says Lucian Miers

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Red Rock Resources - unbelievably cheap? Tom Winnifrith reviews for HotStockRockets

05/28/2019

Three shares which rose on a shabby day from Chris Bailey

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Marks & Spencer says it is getting match fit, should you back the rights issue?

05/23/2019

Updated thoughts on WH Smith, Halfords and Greencore from Chris Bailey

05/22/2019

Ryanair - what to make of it following results & those of great peer easyJet last week?

05/21/2019

Anglo Asian Mining - what after stellar 2018 results? Tom Winnifrith & Steve Moore review...

05/20/2019

Genel Energy has great growth potential says Gary Newman

05/17/2019

Getech - 2018 results, remains a buy considers the HotStockRockets team

05/16/2019

Ariana Resources - more positive news as we wait for more numbers says Nigel Somerville

05/15/2019

Bluebird Merchant Ventures - a buy from HotStockRockets

05/14/2019

Purplebricks headed for 50p says Lucian Miers

05/13/2019

Union Jack Oil - potential share price catalyst, as date set for Wressle planning appeal

05/09/2019

Purplebricks - keep selling says Tom Winnifrith

05/08/2019

Reach4Entertainment - 2018 results, much more to come?

05/07/2019

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05/03/2019

Optibiotix - full year numbers, the share price reaction wrong says Tom Winnifrith

05/02/2019

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05/01/2019

WPP & Royal Bank of Scotland - Chris Bailey reviews...

04/30/2019

Tesla remains a sell after Q1 fiasco says Lucian Miers

04/29/2019

Barclays, Sainsbury & Taylor Wimpey - Chris Bailey reviews...

04/26/2019

Dividend Munchers Easter 2019 update (and still beating Neil Woodford) says Nigel Somerville

04/24/2019

Gem Diamonds looks too cheap down here - buy for the longer term says Gary Newman

04/23/2019

Atalaya Mining remains a buy after recent updates says Gary Newman

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A couple of ShareProphets share tips of the year updates

04/17/2019

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04/16/2019

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Central Asia Metals produces another good set of results and remains a buy says Gary Newman

04/12/2019

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04/11/2019

Sosandar - are the shares expensive or cheap after trading update? Nigel Somerville reviews...

04/10/2019

Quilter - a buy if you are a bull on the UK market says Chris Bailey

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Sosandar slides again back towards IPO price - time to buy back in? Tom Winnifrith reviews...

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Tern - placing at just 8.5p and an excuse that just does not wash says Nigel Somerville

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Versarien and its shocking new American Appointment. A sell from Lucian Miers

04/03/2019

easyJet slides again but time to pull back on the share purchasing throttle?

04/02/2019

A German Teutonic train ratio tells you that FirstGroup remains cheap suggests Chris Bailey

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Petra Diamonds could add some sparkle to your portfolio suggests Gary Newman

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Accesso - still a sell suggests Steve Moore

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03/27/2019

If Royal Dutch Shell is going to be a utility giant it has got to buy big says Chris Bailey

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IQE - a good opportunity for bears with patience says Lucian Miers

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