29th Jan 2020 14:09
(Alliance News) - Atalaya Mining PLC on Wednesday said regulators in Spain threw its plans at a Galician copper project in doubt after reporting potential environmental ramifications.
The general directorate for the Environment & Climate Change of Galicia signed a "negative impact statement" at Touro. The findings will then be communicated to the Mines, Energy & Industry department of the Xunta de Galicia, the region's government body.
Atalaya said: "These two reports challenge the ability of the company to guarantee that there will be no environmental impact of the project on the Ulla River and related protected ecosystems which are located downstream.
"The company is currently awaiting the formal communication from the Xunta de Galicia. In the meantime the company, along with its advisers, will evaluate potential next steps for the project, which could include an appeal of the decision made by the Xunta de Galicia."
Atalaya shares were 6.0% lower at 194.20 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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