ENP Newswire - 19 August 2014
Release date- 15082014 - EMED Mining Public Limited (AIM: EMED, TSX: EMD), the Europe-based minerals development and exploration company, announces its unaudited interim results for the half-year ended 30 June 2014.
The full unaudited Half Yearly Report (as required by Toronto Stock Exchange reporting standards), including the condensed, interim consolidated Financial Statements and the Management Discussion and Analysis relating to the Company, are available under the Company's profile on SEDAR at www.sedar.com(link is external) and on the Company's website at www.emed-mining.com.
On 11 April 2014, the President of the Government of Andalucia authorised the transfer of the Riotinto Mineral Rights thus granting Administrative Standing (AS) for the project. This followed the receipt of the Unified Environmental Authorisation ('AAU') on 28 March 2014.
These permits incorporate all the requirements and conditions of the relevant regulations and are consistent with Company submissions. The Company has to date fulfilled all the requirements, including the deposit of a guarantee for EUR6,034,000 via its wholly owned Spanish subsidiary, EMED Tartessus.
The Company is working closely with the Junta to address certain aspects of the requirements to ensure that best available techniques are used so that environmental objectives are achieved in the most efficient way possible. The Company is primarily addressing the restoration plan in relation to the treatment of waste dumps leachates, and on the sealing of old waste dump areas to mitigate the generation of acidic waters.
The Government of Andalucia awarded an EUR8.8 million grant to EMED Tartessus, in order to support the modernisation of the Rio Tinto Copper Project facilities. The grant will be payable as a reimbursement of EMED's expenditure as project execution progresses and after due process is completed.
Mr. Isaac Querub was appointed as Managing Director and CEO of EMED Mining and Vice President of EMED Tartessus.
Mr. Alberto Lavandeira was appointed as CEO of EMED Tartessus and COO and Executive Director of EMED Mining.
Post Period Highlights
On 15 August 2014, the Company announced that it had entered into a subscription agreement with two cornerstone investors, XGC and Orion in relation to a proposed equity fundraising to raise GBP13.1 million (approximately EUR EUR16.4 million) by way of the issue of 181,200,000 new ordinary shares of 0.25 pence of the Company at 7.25 pence per share.
Trafigura Beheer B.V. ('Trafigura'), through its wholly owned indirect subsidiary Urion Holdings (Malta) Limited ('Urion'), acquired 202,022,016 ordinary shares ('Ordinary Shares') of EMED. As a result it exercised control or direction over approximately 18.18% of the outstanding Ordinary Shares on the date of the acquisition (this figure is now 15.85% of the enlarged share capital following the subscription agreement between the Company, XGC and Orion on 15 August 2014).
First drilling work at the mine initiated with the objectives of extending the current resource, as well as getting detailed data to be used in short term mine planning and metallurgy optimization.
Focus on selecting the specialized contractors and the local workforce to facilitate the ongoing plant refurbishment.
Isaac Querub, CEO of EMED Mining said: 'We are working hard with onsite preparations as we focus on fast-tracking copper production. We are proud to be laying the foundations for restarting production at the historic project in conjunction with the local community, having already commenced field activities with a view to producing copper and growing the resource.'
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