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Spain's government issued a Royal Decree to combat COVID-19 requiring the closure of all but essential industries from March 30 - April 10. Mining was not classified as an essential industry.

Canadian bank BMO said the impact of the shutdown to Atalaya was likely to be "relatively limited at this stage", but that a prolonged shutdown would be a different story. BMO forecast annual production for Riotinto, located 65km northwest of Seville, of 55,300 tonnes of copper.

Riotinto constitutes about 77% of BMO's gross NPV estimate for Atalaya.

Spain has been among the countries worst hit by COVID-19, with 7,340 deaths as of Monday.