J.P. Morgan Tips £13.30 Price Target for Atalaya Mining on Copper Growth Potential

J.P. Morgan has initiated coverage of Atalaya Mining with an 'overweight' rating, citing the company's copper growth pipeline in Spain.

The broker expects Atalaya's copper volumes to grow at about 10% annually through 2031, driven by the Touro project in Galicia and brownfield expansion around its Riotinto mine in Andalusia.

Touro is expected to add about 30,000 tonnes of annual copper production, with permitting approval expected in the second half of 2026. The bank estimates Touro's capital intensity at about $12,000 per tonne, compared with more than $30,000 per tonne for the average greenfield copper project.

The stock trades at about 4.5 times and 3.0 times estimated 2026 and 2027 EV/EBITDA, respectively, below mid-cap copper peers. J.P. Morgan's base case assumes about €300 million of capital expenditure for Touro.