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INTERCEPTS Sun 20/04/2014

EMED closes on Rio Tinto restart

28th Mar 2012

LONDON, Mar 28 – European minerals developer/explorer EMED Mining is negotiating the final regulatory hurdles for the restart of mining at the Rio Tinto copper mine in Andalucia, Spain.

MD Harry Anagnostaras Adams says EMED is collaborating with the Andalucian authorities on an Administrative Standing permit needed to resolve land access issues. The company is hopeful that all permitting will be finalised by the September quarter.

Final approvals will lead to a 12-month ramp-up to first production. Estimated restart costs including repairs and improvements, bonding and working capital of EUR150M will be largely funded from already-arranged bank and offtake facilities.

Permitting studies and approvals are progressing for the $US64M development of its 100%-owned Biely Vrch gold deposit in Slovakia, with resources of 461,000oz indicated and 596,000oz inferred.

 

HighGrade

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