Atalaya Mining has completed the €125m acquisition of Tharsis Mining, the private company that owns the Tharsis and La Zarza projects in southwest Spain, the London-listed copper producer said on 11 November 2026.
Why Atalaya Mining Copper, S.A. is buying Tharsis Mining, S.L. (Tharsis and La Zarza projects)
Atalaya said the deal consolidates its footprint in the Iberian Pyrite Belt by adding two large polymetallic deposits close to its Riotinto base, which it described as the only large-scale deposits in the belt potentially mineable by open pit alongside Riotinto, with scope for operational and administrative synergies.
“The acquisition of Tharsis Mining represents another important step in our strategy to establish Atalaya as a leading European copper producer.”
Deal terms and financing
The €125m price comprises €75m in upfront cash, paid from existing cash on completion, and €50m of deferred consideration payable within 12 months, secured by a bank guarantee and accruing interest at 12-month Euribor plus 1.5%. Atalaya said it would have more than €260m of pro-forma net cash after the upfront payment and that shareholders face no dilution.
Regulatory approvals and timing
The transaction has completed. Atalaya said its immediate focus is technical studies, permitting and exploration, with development sequenced after Proyecto Touro in Galicia.
Market context
Tharsis Mining was founded in 2018 to restart mining at the two historic sites, which mainly produced pyrite. Their combined resources of about 227.7Mt also contain about 3.5Mt of zinc, 1.4Mt of lead, 7.5Moz of gold and 157.4Moz of silver.
