EMED Mining Public Ltd

Published : April 02nd, 2008

Rio Tinto ...

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2 April 2008



(EMED Mining” or the “Company”)




EMED Mining announces that it continues to make good progress towards triggering its option for the acquisition of the Rio Tinto Mine in Spain that has the potential to restart copper production.  EMED Mining can report that the technical and economic assessments continue to deliver positive results and that formal constructive engagement has commenced with all regulatory authorities and other stakeholders. 


The Company has consistently said that it is necessary that all conditions precedent be satisfied in order for the Company’s shareholders to be asked to fully approve the exercise of the option and to re-start production at the Rio Tinto Mine. These conditions precedent include receipt of all regulatory permits and other items including the arrangement of finance. 


This press announcement brings EMED Mining shareholders up to date on the status of the principal outstanding conditions precedent and the implications for the exercise of the option to acquire the Rio Tinto Mine.


Technical and Economic Assessment:  The Company’s understanding of the Rio Tinto Mine has improved to the point where the Company considers that most of the conditions precedent on technical and economic matters have been satisfied.  This is based on specialist expert assessments conducted with the Company’s project adviser AMC Consultants (UK) Ltd. Updates will be published in the Annual Report to be sent to shareholders in late April.  


Permitting:  Formal applications have been submitted to the regulatory authorities.  In the Company’s view, the principal permitting matter to be resolved is the satisfactory resolution of legal disputes between the project-vendor company Mantessur Andevalo S.L, (“MSA”) and the mine-permitting authorities.  The resolution of this matter is being facilitated by EMED Mining and is a condition precedent.  The Company’s local subsidiary EMED Tartessus S.L (“EMED Tartessus”) is also preparing answers to requests made by the authorities for further explanations on key aspects of the project restart.  It will then remain for EMED Tartessus to settle with the authorities the appropriate level of financial guarantees and operational commitments for the tailings dam, environmental rehabilitation and personnel entitlements.  EMED Tartessus is in formal constructive discussions with the authorities on all financial guarantees and operational commitments having completed studies regarding the likely costs and these are built into our current financing plans.


Counterparty Settlements:  Clarification on the Rio Tinto Mine ownership structure has been assisted by recent judicial decisions in Andaluc�a where the Courts have determined that control of the project-vendor company, MSA, should be transferred to its principal financier.  Whilst EMED Mining’s agreements are with MSA, regardless of who controls that company, the judicial decisions will have the effect of replacing the current controlling shareholder of that company with a party of significant industry stature and with whom EMED Mining’s shareholders, and likely Rio Tinto Mine off-take customers, have long-standing relationships.  EMED Mining awaits the necessary judicial execution of the Court’s determination which is expected within two months.  EMED Mining is encouraged by these developments as disputes regarding control of the project-vendor company, MSA, are now being settled by the Courts which will clarify the situation for all stakeholders and will allow EMED Mining to satisfy an outstanding condition precedent in a relatively short time frame.


Restart Preparations:  Detailed operational restart planning continues whilst all remaining conditions precedent are resolved to EMED Mining’s satisfaction.  Upon triggering of the option and the restart of production newly-appointed EMED Mining Chief Operating Officer Bill Enrico, now based at Rio Tinto, will assemble the future operational team at the Rio Tinto Mine.  Restart plans are well advanced and we anticipate production would be expected to commence 6 months after exercising the option.  Long lead-time repairs and spares have been identified and will be ordered to achieve the restart within six months of permits being finalized and the option being exercised. 


Finance:  Major EMED Mining shareholders include international mining companies Oxiana and Gold Fields, mining-financiers Rand Merchant Bank and Resource Capital Funds and investment institution Fidelity International.  EMED Mining has been encouraged by the further interest that has also been shown from a number of additional potential investors and financiers and the Company continues to support detailed due diligence investigation by these newly interested parties. 


Current estimates of total funding required remain consistent with previously announced figures of �60 to �80 million depending upon the speed with which we acquire the Rio Tinto Mine and move to 100% ownership.  Finance plans are focused on the following approach:


         minimising expenditure pending the exercise of the option. The Company has so far avoided committing to any counterparty settlements;

         all pre-permitting financing to be by way of equity or advances repayable with equity, to minimise finance risk;

         exercising the option upon receipt of regulatory approval; and

         post-permitting financing to be mainly by way of debt, so as to minimise equity dilution for EMED Mining shareholders given the potential rapid payback of investment.


Annual General Meeting (AGM) on 4 June 2008 at Rio Tinto:  The Annual Report and Notice of Annual General Meeting will be issued in late April for the meeting to be held at Rio Tinto Mine on 4 June 2008.


Shareholder Consideration of Board Resolution to Exercise Option:  EMED Mining’s Directors are confident that all outstanding conditions precedent are capable of being satisfied.  Preparations continue on the submission of a circular to shareholders detailing the Board’s recommendation to trigger the option to acquire and restart production at the Rio Tinto Mine although that will now be subject to the necessary judicial execution of the Court’s determination in Andaluc�a which is expected within two months, and resolving any other outstanding conditions precedent to EMED Mining’s satisfaction. An independent Competent Person’s Report will be prepared and published in due course as part of the circular to shareholders.


Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining said: “When we arrived in Andaluc�a, the Rio Tinto Mine was regarded by most observers as being unlikely to restart because of the historical disputes.  EMED Mining can now report that it is now clear to most stakeholders that the Rio Tinto Mine will indeed restart.  We remain optimistic that we will satisfy the remaining conditions precedent that will allow us to exercise the option as the Andaluc�a authorities become satisfied with our Company’s credentials and as we demonstrate our clear independence from previous owners.”


Mr Bill Enrico, Chief Operating Officer of EMED Mining said:  “Since recently moving to Rio Tinto recently I have inspected the facilities and examined the various independent expert assessment reports.  It is apparent to me that the Rio Tinto Mine can restart quite easily and quickly.  The most important aspect is to establish the right culture and team for the future.  We will do that as soon as we meet our conditions precedent and obtain the necessary permits to proceed.  Our restart plans are well advanced and we anticipate production would be expected to commence 6 months after exercising the option.”




EMED Mining

RFC Corporate Finance

Harry Anagnostaras-Adams

Stuart Laing

+357 9945 7843

+61 8 9480 2500






Fox-Davies Capital

Parkgreen Communications

Richard Hail

Justine Howarth / Erica Nelson

+44 207 936 5220

+44 20 7851 7480


Notes to Editors: About EMED Mining Public Limited


EMED Mining was admitted to trading on AIM in May 2005 following a placing of its shares. In the two years since then the share price has increased from 8p to the current 15.5p and market capitalisation has increased from approximately �4 million to approximately �23 million. The Company is based in Cyprus and has a strong commitment to responsible development of metal production operations in Europe, with an initial focus on copper and gold.


The Group’s region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through implementation of European Union and other leading-edge international standards. The Company has, from the outset, strictly implemented its Environmental & Community Policy which includes:


         Integrating environmental management into our business, planning and reporting processes.

         Promoting a strong environmental ethic throughout the company and the community.

         Complying with, as a minimum, all applicable local and European Union laws and regulations.

         Communicating with community stakeholders in a responsible and transparent manner.


EMED Mining has now established a strong position in the following selected zones:


         Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The company has announced gold discoveries at Biely Vrch, Kralova and Slatinske Lazy in Slovakia.


         The mines in Cyprus and at Rio Tinto in Spain, located in the Iberian Pyrite Belt, are probably amongst the best known in the world. EMED Mining’s goal is to restart copper production at its projects in both of these well-endowed, historical mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and production techniques are similar in both mining districts.


         EMED Mining’s main prospects in Georgia are gold prospects within the Upper Racha Licence, the country’s largest minerals licence with many untested prospects. The Company has confirmed Russian Resources of 1.0 million ounces gold at the Zopkhito Prospect and discovered high grade mineralisation at surface at other prospects (detailed in 2006 Annual Report).


         Exploration areas in Turkey were vended into 32%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. The KEFI Minerals team has mobilized into the field to explore the company’s tenements and to expand the portfolio of licenses as opportunities warrant. See www.kefi-minerals.com.


For further information on the Company’s activities, visit www.emed-mining.com or www.emed.tv.




EMED Mining Public Ltd

ISIN : CY0000100319
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EMED is a gold and copper development stage company based in Cyprus.

EMED develops gold, copper and zinc in Cyprus and in Spain, and holds various exploration projects in Cyprus.

Its main assets in development are PROYECTO RIO TINTO in Spain and KLIROU in Cyprus and its main exploration properties are DETVA, STIAVNICA-HODRUSA and BIELY VRCH in Slovakia and KLIROU in Cyprus.

EMED is listed in United Kingdom. Its market capitalisation is GBX 54.7 billions as of today (US$ 65.5 billions, € 57.4 billions).

Its stock quote reached its lowest recent point on September 18, 2015 at GBX 0.12, and its highest recent level on January 17, 2022 at GBX 404.00.

EMED has 135 475 650 shares outstanding.

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Corporate Presentations of EMED Mining Public Ltd
3/19/2007Research Reports on EMED Mining
Annual reports of EMED Mining Public Ltd
Annual report 2007
Financings of EMED Mining Public Ltd
3/27/2015: Extension of Repayment of Loan and Convertible Notes and F...
Nominations of EMED Mining Public Ltd
9/27/2013: Appointment of Director
9/17/2007Raises £3.3 Million Net, Signs Funding Agreement, Appointmen...
9/14/2007raises £3.3m, signs funding agreement, appoints joint broker
Financials of EMED Mining Public Ltd
11/11/2013Quarterly Financial Statement
5/14/2013: Quarterly Financial Report
Project news of EMED Mining Public Ltd
2/20/2014receives Dictamen Ambiental for the Rio Tinto project
12/18/2013he Rio Tinto Copper Project
9/17/2013Rio Tinto Project update by Harry Adams
9/16/2013Rio Tinto Project Update
6/13/2013secures $15m for Rio Tinto project
5/23/2013Permitting Progress Update for Commencement of Site Works at...
2/18/2013has completed an updated NI 43-101 Technical Report
10/18/2012on Progress at Rio Tinto Copper Project
8/31/2012Completion of acquisitions of remaining land needed for Rio ...
8/3/2012acquired remaining land needed for Rio Tinto Copper Mine
7/9/2012tain land plots
12/5/2011directed to introduce integrated envrionmental management o...
10/12/2011Political Support for Rio Tinto Mine
5/17/2010(Proyecto Rio Tinto)Update
3/3/2010(Biely Vrch)Biely Vrch and Slovakia gold exploration update
2/10/2010(Proyecto Rio Tinto)Preliminary Review Issued by Ministry of Environment
2/2/2010(Proyecto Rio Tinto)Restart of Rio Tinto Mine
11/24/2009(Proyecto Rio Tinto)Rio Tinto Mine start-up - Permit processes move forward
7/2/2009(Proyecto Rio Tinto)Rio Tinto Mine - Copper Project Update: Continued Progress T...
1/7/2008(Klirou)Update on Klirou Copper-Zinc Project and Other Opportunities...
1/7/2008(Klirou)Cyprus Project Update
2/15/2007 Positive Feasibility Study
5/22/2006(Klirou)Copper resource identified in Cyprus
3/27/2006(Klirou)acquires 100% of Tamari Llc in Georgia
Corporate news of EMED Mining Public Ltd
11/2/2015Receipt of Claim from Astor Management AG
10/21/2015Change of Name and Consolidation of Ordinary Shares
9/11/2015Proposed Consolidation of Ordinary Shares, amendment of the ...
9/10/2015Half Yearly Financial Statements
9/9/2015EMED Mining's September 2015 Investor Presentation
9/7/2015Director Appointments
9/7/2015EMED Mining Public Limited Announces Director Appointments
9/2/2015Operations Update
7/29/2015Result of AGM
7/29/2015AGM Statement
7/16/2015Award of Municipal Activity Licence
7/9/2015Management Update
7/9/2015EMED Mining Public Limited Announces Management Update
7/6/2015Notice of AGM
6/30/2015EMED Mining Public Limited: Posting of Annual Report
6/24/2015Revised Admission Date
6/24/2015Revided Admission Date
6/24/2015Result of EGM and Appointment of Director
6/22/2015Result of Open Offer
6/22/2015EMED Mining Public Limited Announces Result of Open Offer
5/28/2015Subscription, Placing and Open Offer to raise approximately ...
5/28/2015Subscription, Placing and Open Offer to raise approximately ...
4/7/2015Further US$6 million from Unsecured Bridging Finance Facilit...
3/30/2015Extension of repayment of Loan and Convertible Notes and Fin...
3/27/2015EMED Mining Public Limited: Extension of Repayment of Loan a...
3/25/2015Financing Update
3/20/2015March 2015 Investor Presentation
2/24/2015Operations Update
2/24/2015Operations Update
2/23/2015EMED Mining Public Limited ("EMED" or the "Company") Operati...
1/23/2015Final Permitting Obtained
1/23/2015EMED Mining Public Limited: Final Permitting Obtained
1/23/2015Permitting Update
1/23/2015EMED Mining Public Limited: Permitting Update
12/30/2014Permitting Update
12/29/2014EMED Mining Public Limited ("EMED" or the "Company") Permitt...
12/24/2014Unsecured Bridging Finance Facility, Extension of Convertibl...
12/24/2014EMED Mining Public Limited: Financing Update and Board Chang...
12/22/2014EMED Mining Public Limited: Slovakian Exploration Licences U...
12/22/2014Slovakian Exploration Licences Update
12/22/2014EMED Mining Public Limited: Update Regarding EGM Requisition...
12/15/2014EMED Mining Public Limited Announces Management Update
11/17/2014EMED Mining Public Limited ("EMED" or the "Company") Update ...
11/14/2014EMED Mining Public Limited Announces Quarterly Financial Rep...
11/6/2014EMED Mining Public Limited ("EMED" or the "Company") Notific...
11/5/2014EMED Mining Public Limited: Rio Tinto Copper Project Update
10/15/2014EMED Mining Public Limited: Notice of EGM Requisition
10/8/2014EMED Mining Public Ltd ("EMED Mining", "EMED" or the "Compan...
9/10/2014EMED Mining PLC ("EMED Mining", "EMED" or the "Company") Iss...
9/9/2014EMED Mining Public Limited Announces Appointment of Nominate...
8/27/2014EMED Mining Public Limited: Notification of Change of Shareh...
8/26/2014Trafigura Acquires Additional Shares in EMED
8/21/2014EMED Mining Public Limited: Director's Share Purchase
8/20/2014Completion of the £ 13.1 Million (Approximately US$22 Millio...
12/18/2013Interview with John Leach, Finance Director of EMED Mining
11/27/2013at Mines & Money London
11/14/2013Ownership of the Rio Tinto Copper Project
9/11/2013Presentation at Precious Metals Summit in Colorado
8/15/2013Interview with Harry Adams of EMED Mining
8/6/2013: Rio Tinto Copper Project Update
7/3/2013Quarterly Operational Update
6/18/2013Exercise of Options
6/17/2013post AGM Q&A session
6/13/2013: Funding Update
5/30/2013plc: Investor Briefing
5/20/2013Notice of AGM
4/23/2013at Master Investor - 27 April 2013
4/18/2013Harry Anagnostaras-Adams talks about latest corporate devel...
4/15/2013reports progress on permitting
4/2/2013: Exposure to Cyprus Bank Restructuring
3/18/2013Proposed Levy on Deposits in Cyprus
2/18/2013completed an updated Technical Report
11/14/2012Arranges a US$50 Million Funding Package with Cornerstone C...
10/3/2012AAU public comments from the Environment Ministry
9/27/2012: Quarterly Operational Update
8/7/2012Half Yearly Results
7/5/2012poised to woo back investors
6/26/2012Investor Briefing
3/5/2012agrees $175 million finance package with Goldman Sachs
2/17/2012Despatch of Circular and Notice of Extraordinary General Mee...
2/6/2012Proposed Subscription, Support and Arrangements
1/9/2012of Holdings and Issue of Equity
10/5/2011Quarterly Investor Briefing
9/23/2011Issue of Shares
9/6/2011Permitting Update
6/3/2011Proactive Investors interview
8/18/2010Receives Regulatory Clarifications for Tailings Dams
6/15/2010Result of AGM & Chairmans Statement
6/8/2010Agrees Debt-Repayment Plans with Department of Social Securi...
5/12/2010Final Results
3/8/2010Edison & Equity Developments analyst notes
2/1/2010Quarterly Report
1/14/2010Update of Site Activities at Rio Tinto Mine
1/6/2010EGM circular
12/24/2009Issue of Share Options
12/23/2009Results of EGM
11/30/2009Proyecto Rio Tinto Update
11/27/2009Spanish press articles
11/27/2009Issue of Shares
8/17/2009Result of EGM
6/22/2009Laboratory facilities at Minas de Río Tinto in Andalucia pre...
6/9/2009Convertible Loan Financing­ Remaining Conditions Satisfied
3/6/2009Convertible Secured Loan Facility of up to $8.5 million and ...
2/24/2009Initial Mineral Resource for Biely Vrch Gold Deposit, Slovak...
12/19/2008Season's Greetings
9/23/2008Interim Results to 30 June 2008
9/17/2008on Gold Exploration in Slovakia
9/12/2008Greetings from Harry
8/26/2008Quarterly Report
8/19/2008Biely Vrch Gold Exciting Intercept - 460 Metres at 1.1g/t
7/22/2008Three latest research notes on EMED Mining
7/14/2008Latest Research Note on EMED Mining
6/13/2008Confirmation of Third Porphyry Gold Discovery in Slovakia
6/5/2008Loan Agreement
6/4/2008Results of Annual General Meeting
5/7/2008 raises £10million in over-subscribed placing
4/2/2008Rio Tinto Update
1/14/2008 Encouraging results at third Slovakia target
11/21/2007Status Of Emed Mining s Potential Acquisition of PRT & Resta...
11/21/2007Rio Tinto Update
11/13/2007 Responsible Mineral Extraction And Environmental Protection
11/8/2007confirms gold system at Kralova
10/29/2007 results of further drilling in Slovakia
8/22/2007Porphyry Gold System Extended At Biely Vrch
8/7/2007Inaugural Quarterly Report
8/2/2007Substantial Progress on Potential Acquisition in Spain
7/9/2007Porphyry Gold System Identified at Biely Vrch
5/23/2007Biely Vrch Mineralisation Extended to 460 Metres Depth
5/11/2007Announcement - Placing of £4 Million, Slovakia Exploration a...
3/16/2007Annual General Meeting. Chairman's Address
3/12/2007Expansion of Activities in Slovakia
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