The newswire said Atalaya, which has been producing copper in Spain since 2016, had hired BMO to run a sale process for the company.
The miner has the Proyecto Riotinto mine and Proyecto Touro brownfield prospect.
Atalaya said Reuters was on the money.
"As part of its ongoing responsibility to its stakeholders, the board confirms that it is undertaking a review to evaluate the Company's strategic options," the company said.
"The review is ongoing and there is no guarantee that any particular course of action will proceed."
The main stakeholders in this case are Atalaya's major shareholders Trafigura and Yanggu Xiangguang Copper, which both hold 22% of the company.
Liberty Metals & Mining Holdings and Orion Mine Finance also hold a combined 28%.
Atalaya's market capitalisation is just under £350 million (US$460 million).
The major shareholders are doing well out of the sale news, with Atalaya's share price up 14% in morning trading to £2.60 per share.
