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LONDON - Fairfax Financial Holdings Limited affiliates plan to sell their entire 5.8% stake in Atalaya Mining Copper, S.A., according to a press release statement issued Tuesday.
The proposed transaction involves the sale of up to 8,211,795 ordinary shares to institutional investors through an accelerated bookbuild secondary placing. The shares represent approximately 5.8% of Atalaya’s existing issued share capital.
Canaccord Genuity Limited is acting as the sole bookrunner for the transaction, which is not being underwritten. The bookbuilding process has already begun, with the final price to be determined at the close of the process.
The timing for closing the bookbuild will be at Canaccord Genuity’s discretion, with results expected to be announced shortly after completion.
The proposed sale would mark a complete exit for these Fairfax affiliates from their investment in the copper mining company. Atalaya Mining operates primarily in Spain, where it produces copper concentrate and copper cathodes.
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