Atalaya Mining confirms XGC no longer a shareholder

Atalaya Mining confirmed on Thursday that Yanggu Xiangguang Copper Company (XGC) has ceased to be a shareholder.

The AIM-traded firm said ICBC Standard Bank had sold its entire holding of XGC, via its subsidiary Hong Kong Xiangguang International Holdings, in Atalaya.

As a result, the company said it understands XGC was no longer a shareholder.

“Under the terms of the original investment agreement dated 28 May 2015 between XGC and the company, XGC was entitled to appoint a non-executive director should XGC's shareholding be equal to or greater than 10% of the total issued share capital of the company,” Atalaya said in its statement.

“Based on this information, the company confirms XGC's board nomination rights under the agreement are no longer in place.”

At 1153 BST, shares in Atalaya Mining were down 0.53% at 387.95p.