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Consider \\(B\\), the Banach algebra of Lipschitz bounded complex functions \\(f\\) on \\((X,d^\\alpha)\\) endowed with the usual Lipschitz norm, that is, \\[\\|f\\|_{L}=\\sup\\{|f(x)|:x\\in X\\} + \\sup \\left\\{\\frac{|f(x)-f(y)|}{d^\\alpha(x,y)}:x,y\\in X,\\; x\\neq y \\right\\},\\] and \\(A:=\\operatorname{ker}(\\delta_{x_0})\\) the ideal in \\(B\\) of the functions vanishing at \\(x_0\\). The subject of the paper is the study of composition operators \\(C_\\varphi\\) acting on \\(A\\) that arise from Lipschitz mappings \\(\\varphi:(X,d) \\to (X,d)\\) that fix \\(x_0\\). Let \\(L(\\varphi)=\\sup \\left\\{\\frac{d(\\varphi(x)),\\varphi((y))}{d(x,y)}:x,y\\in X, \\;x\\neq y \\right\\} \\) denote the Lipschitz constant of \\(\\varphi\\). If \\((X,d)\\) is compact, \\(\\alpha\\in \\,]0,1[,\\) and \\(L(\\varphi_k)<1\\) for some \\(k\\)-times iteration of \\(\\varphi,\\; \\varphi_k,\\) then the authors show that the essential spectral radius of \\(C_\\varphi\\) coincides with \\(\\lim_n L(\\varphi_n)^{\\alpha/n}.\\) If the existence of iterations of \\(\\varphi\\) with Lipschitz constants less than \\(1,\\) can be assured for a suitable finite decomposition of \\(X\\) by open sets, a formula is proved for \\(r_e(C_\\varphi)\\). Such formula becomes an estimate if \\(\\alpha=1\\). Next, the authors compare properties of \\(C_\\varphi\\) and its natural extension \\(\\tilde{C}_\\varphi\\) acting on \\(B\\). For instance, under the assumptions quoted above, \\(r_e(\\tilde{C}_\\varphi)= r_e(C_\\varphi)\\). If, additionally, \\((X,d)\\) is connected, \\(\\tilde{C}_\\varphi\\) is quasicompact (resp. Riesz) if and only if \\(C_\\varphi\\) is quasicompact (resp. Riesz). The final section is devoted to spectral properties of \\(C_\\varphi\\). Among the results: if \\((X,d)\\) is compact, \\(\\alpha\\in\\, ]0,1[,\\) and \\(C_\\varphi\\) is quasicompact, then its spectrum lies inside \\(\\{\\lambda: |\\lambda|\\leq r_e(C_\\varphi)\\}\\cup \\bigcup_{n\\in L}\\{\\lambda: \\lambda^n =1\\}\\) where \\(L\\) is the (so proved) finite set of \\(n\\in \\mathbb{N}\\) such that \\(\\varphi\\) has a fixed point of order \\(n,\\) that is, a fixed point for \\(\\varphi_n\\) that is not fixed for any \\(\\varphi_m\\) if \\(m