Waste land purchase gets EMED closer to Rio Tinto mining
10th Jul 2012
JULY 10 – EMED Mining has cleared a hurdle to restarting the Rio Tinto copper mine in Andalucia, Spain by end 2012 with agreement to purchase land for tailings storage.
The company will pay EUR10M in cash and shares to Rumbo 5-Cero SL, part of a diversified Andalucían investment group, for the land adjoining the mine. Rumbo will also be entitled for 10 years to a royalty of up to $US250,000 per quarter dependent on copper sale prices.
In addition, the parties plan a 50/50 joint venture under which EMED will test the feasibility of processing the tailings and waste material as far as possible in parallel with the operation of the mine.
The cost of the land acquisition will be partly met by a $5M subscription agreement by major shareholder and cornerstone customer Yanggu Xiangguang Copper Co. The Chinese copper smelter group will appoint a board representative.
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