Atalaya Mining shares drop as Trafigura sells stake

Shares of Atalaya Mining fell on Wednesday after Trafigura Group sold its entire stake in the copper producer.

Trafigura, a major global commodities trader, disposed of its holding in Atalaya Mining, according to a filing with the Spanish stock exchange. The exit follows a strategic review of Trafigura’s portfolio, the company said. Financial terms of the transaction were not disclosed.

Atalaya Mining’s stock declined 4.2% in early trading, extending losses from the prior session. The company, which operates the Proyecto Riotinto copper mine in Spain, has faced volatility amid fluctuating copper prices and operational challenges in recent quarters.

Trafigura’s decision to divest comes as it refocuses on core commodity trading and logistics operations. The trader has previously held significant stakes in mining and metals assets but has been reducing exposure to non-core holdings.

Analysts noted that the exit could pressure Atalaya Mining’s liquidity and investor sentiment, particularly as the company pursues expansion plans at Proyecto Riotinto. Copper prices have softened this year, adding to headwinds for producers reliant on the metal’s demand.

Atalaya Mining did not immediately respond to requests for comment.