JPMorgan starts coverage of Atalaya Mining at ‘overweight’.

• Atalaya Mining Copper, S.A. (CDI)
• 22 September 2026 11:25:04

Source: Sharecast

It noted that Atalaya is a pure-play European copper producer operating the historic Riotinto mine in Andalusia, Spain.

"As one of the few pure-play copper producers based in the EU, ATYM offers scarce domestic exposure central to Europe's Critical Raw Materials agenda," the bank said.

JPM pointed out that management is targeting a medium-term pathway to around 100ktpa copper equivalent production, primarily through the greenfield Touro project in Galicia and brownfield projects around Riotinto.

"ATYM offers a compelling combination of superior volume growth, low capital intensity, and a cheap valuation versus mid-cap copper peers which can support a re-rating as the group scales, in our view," it said. "ATYM could also benefit longer term from further consolidation in the Iberian Pyrite Belt as well as its initiatives in sulphide leaching."

JPM estimated that Atalaya currently trades on spot 4.5x/3.0x 2026/27E EV/EBITDA, well below its mid-cap copper peers.

At 1035 BST, the shares were up 3.9% at 1,055p.