At EMED Mining’s AGM to be held at 12.00pm today Ronnie Beevor, non-executive Chairman
will make the following statement:
“The last 12 months have seen considerable change at EMED Mining. With key permits now in
place and the new management team in place, the Company is focused on preparations to recommence
production at the Rio Tinto Copper Project.
“On 11 April 2014, the President of the Junta de Andalucia made an official visit to the Company’s
facilities at Minas de RioTinto. There, she announced the transfer of the Mining Rights (or
Administrative Standing) for the Rio Tinto Copper Project to our Spanish subsidiary, EMED
“This followed the signing by the Minister of Environment and Spatial Planning, of the Unified
Environmental Authorisation (or “AAU”).As such, EMED Mining is now in receipt of the two key
permits which allow for the re-start of our flagship Rio Tinto Copper Project – enabling the
Company to commence site works in preparation for copper production.
“The initial focus on this front will be on refurbishing the processing plant, updating equipment
and pre works – with the long-term aim of ramping up production, which is expected to commence
next year, and further growing the reserve base as we develop new mines within our sizeable
“EMED has also made some important management changes. On 20 March, 2014, we
announced the appointments of Isaac Querub as Chief Executive Officer and Managing Director
of EMED Mining and Alberto Lavandeira as Chief Executive Officer of EMED Tartessus and an
Executive Director and Chief Operating Officer of EMED Mining.
“With the Company now moving into its next phase of development, Isaac and Alberto’s wealth of
experience will be key in delivering our development targets.
“Mr Querub has an outstanding commercial and commodities background, including 13 years as
Managing Director of Glencore Spain, where he built the Spanish / African division into one of the
most successful businesses of Glencore.
“Mr Lavandeira is a pre-eminent Spanish mining engineer and mine developer. He has had wideranging
industry experience, including the development and operation of Spanish mines as COO
and CEO of Rio Narcea Gold Mines, and more recently the development of the world-class
copper / cobalt Mutanda mine in the Democratic Republic of Congo.
“I believe these two senior Spanish appointments will significantly assist EMED Mining in its
future dealings with the Junta of Andalucia and in achieving our planned rapid re-start and
commercial operation of the Rio Tinto Copper Project.
“These appointments follow the resignation of Harry Anagnostaras-Adams from the position of
Managing Director and CEO of EMED Mining on 19 September 2013. Mr Anagnostaras-Adams
was the founder of EMED in 2004, and I would like to thank him for his dedication, leadership and
contribution to EMED over these years, and especially for bringing the Rio Tinto opportunity to
“I would also like to thank Rod Halliday who acted as Interim Managing Director and CEO of
EMED Mining between September 2013 and March 2014, during which time he contributed
significantly towards the granting of the two key permits for the Rio Tinto Copper Project.
“In March 2014, John Leach stepped down from the Board of EMED Mining, and I would like to
thank him for his commitment and hard work as a Board member since 2007. John continues as
CFO of EMED Mining and remains a key part of our team moving forwards as we secure the
US$290 million funding required for first production.
“EMED is in advanced negotiations with four major international financial institutions for a senior
facility of $200 million and is in ongoing discussions with two of its strategic partners, Orion and
XGC, for loan facilities of $50 million.
“With the focus on developing the Rio Tinto Copper Project, we have reduced our expenditure
and time commitment on the Detva Gold project in Slovakia and on copper exploration in Cyprus.
The Detva Gold project remains an attractive one million ounce resource in EMED Mining’s
portfolio. However, the Board believes that shareholders are currently best served by the
Company focusing on the re-start of Rio Tinto, and developing a growth plan for the attractive
further opportunities at the Rio Tinto Copper Project, that follow from our receipt of the Mining
“Finally, I would like to thank you all for coming to the AGM today. With the changes I have
outlined, we can look forward to much progress in the coming twelve months.”
An updated presentation on Recent Progress on the Rio Tinto Re-Start is now available on
EMED Mining’s website – www.emed-mining.com
EMED Mining Isaac Querub +34 959 59 28 50
RFC Ambrian Samantha Harrison +44 203 440 6800
Fox-Davies Capital Simon Leathers +44 203 463 5010
Proconsul Capital Andreas Curkovic +1 416 577 9927
Walbrook PR Nick Rome +44 207 933 8783
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on the AIM market of the London Stock Exchange in May
2005 and on the Toronto Stock Exchange in December 2010.
The Company is committed to responsible development of metals production in Europe, with an
initial focus on copper and gold. The strategy is to evaluate and prioritise metal production
opportunities in several jurisdictions throughout the well-known belts of base and precious metal
mineralisation in the European region.
EMED Mining is focused on the planning and permitting for the restart of its wholly-owned Rio
Tinto Copper Project, with its existing processing plant and other infrastructure already in place.
With mining rights now granted, EMED Mining is focusing on developing on-site mining
operations with a view to achieving production as quickly as possible.
With an established reserve of 123Mt @ 0.49% Cu (606 kt of contained Cu) and infrastructure in
place, resuming production at the Rio Tinto Copper Project will be relatively low cost and near
term, enabling EMED Mining to become a key player in the copper market. Targeting a first stage
base case production of 5mtpa in 2015, the Company will focus on ramping up production and
growing the already established reserve base.
The Rio Tinto Copper Project is located on the world’s largest volcanogenic massive sulphide
system. The initial focus will be on the Cerro Colorado Pit with further growth opportunities
coming from the development of the San Dionisio and San Antonio Mines.