| EMED Mining Public Limited ("EMED" or the "Company") Operations Update | |
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NICOSIA, CYPRUS--(Marketwired - Feb 23, 2015) - EMED Mining Public Limited (TSX: EMD) (AIM: EMED), the Europe-based minerals development and exploration company is pleased to update the market regarding continued progress at the Rio Tinto Copper Project ("Proyecto Riotinto"). Having obtained final permitting (as per the announcement dated 23 January 2015) the Company has continued to focus on further developing onsite operations ahead of commencing mining and processing operations during the third quarter of 2015. Financing In December 2014, the Company agreed a US$30M unsecured bridge loan ("Loan") with its three largest shareholders, Trafigura Beheer BV ("Trafigura"), Orion Mine Finance (Master) Fund I LP ("Orion") and Hong Kong Xiangguang International Holdings Limited ("Hong Kong Xiangguang"), an affiliate of Yanggu Xiangguang Copper Co. Limited ("XGC") (Trafigura, Orion, and XGC being the "Lenders"). The purpose of the Loan was to allow continued project development while a financing package is finalised in order to complete Phase 1 development and a potential expansion project (as detailed below). The Company's current cash position is approximately EUR 10M with a further US$6M available under the Loan, subject to the consent of the Lenders. The Company is confident that its current cash position of EUR 10m is sufficient to last through the first quarter of 2015 and potentially beyond with the Company maintaining the flexibility to reduce planned expenditures if required. The Company presently expects that this is sufficient to complete negotiations of the global financing package without project delays. The latest capital forecast to complete Phase 1 development indicates the potential for up to US$50M savings previously reported by the Company are likely to be achieved. The Company is also pleased to announce that Mr. John Leach, EMED's Chief Financial Officer, having taken a leave of absence for health reasons (as announced by the company on 15 December 2014) returned to work in January as anticipated after the successful completion of treatment. Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/6511F_1-2015-2-23.pdf
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EMED Mining Public Ltd
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EN DÉVELOPPEMENT |
CODE : EMED.L |
ISIN : CY0000100319 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
EMED est une société développant des projet miniers d'or et de cuivre basée en Chypre. EMED est en développement de projets d'or, de cuivre et de zinc en Chypre et en Espagne, et détient divers projets d'exploration en Chypre. Ses principaux projets en développement sont PROYECTO RIO TINTO en Espagne et KLIROU en Chypre et ses principaux projets en exploration sont DETVA, STIAVNICA-HODRUSA et BIELY VRCH en Slovaquie et KLIROU en Chypre. EMED est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 54,7 milliards GBX (65,5 milliards US$, 57,4 milliards €). La valeur de son action a atteint son plus bas niveau récent le 18 septembre 2015 à 0,12 GBX, et son plus haut niveau récent le 17 janvier 2022 à 404,00 GBX. EMED possède 135 475 650 actions en circulation. |