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 2015.
The complete unaudited, condensed Half Yearly Financial Statements displayed below, are also available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.emed-mining.com.
The Resolution containing the granting of the Mining Permit for the Riotinto Copper Project (“Proyecto Riotinto”) was signed on 23 January 2015. This global Mining Permit included the approval of the Restoration Plan. The granting of the Mining Permit and approval of the Restoration Plan were the last significant regulatory approvals required to be obtained by the Group before normal mining and processing operations could commence at Proyecto Riotinto
£64.9 million capital raising completed via a placing, open offer and subscription at 4.75p per ordinary share will finance Proyecto Riotinto to an initial ore production rate of 5Mtpa (Phase 1) and subsequently to 7.5Mtpa (Phase 1 Expansion)
Liberty Metals & Mining Holdings LLC is now a cornerstone investor alongside Urion Holdings (Malta) Limited (a wholly owned indirect subsidiary of Trafigura Beheer B.V), Orion Mine Finance (Master) Fund I XLP and Yanggu Xiangguang Copper Co. Ltd (via its affiliated company Hong Kong Xiangguang International Holdings Limited)
Appointment of Jesus Fernandez Lopez to the Board of Directors
Post Period Highlights
The Company was awarded the Activity Licence from the Minas de Riotinto Municipality in July 2015. This licence represents the final permitting component required to initiate mining activities at Proyecto Riotinto
Appointment of two independent and two non-independent non-executive Directors, ensuring that that Company has a Board with a wealth of industry experience and the skill sets to further develop the Company’s operations and to maximise shareholder value
Onsite development continued at pace with first production achieved on 31 July 2015, demonstrating that the processing plant is working well. The current ramp up phase is focussing on achieving commercial concentrates
Alberto Lavandeira, CEO, commented:
“This has so far been a transformational year in the Company’s development, having secured financing to 7.5Mtpa ore production and achieved first concentrate production from Proyecto Riotinto. We are now focused on achieving mechanical completion of the ramp up to 7.5Mtpa by the end of H1 2016, and have started working towards mechanical completion of the ramp up to 9.5Mtpa by the end of H2 2016, subject to financing.”
Download Full Report at: EMED Half Yearly Report RNS UK 10-9-15