EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces its audited results for the year ended 31 December 2013.
The full audited report (as required by Toronto Stock Exchange), including consolidated Financial Statements and the Management Discussion and Analysis relating to the Company, 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.
Key Highlights for 2013
Spain – Rio Tinto copper project (RPT)
- In April 2013 the Andalusian Government’s Department of Industry formally notified the Company of the remaining conditions necessary for the transfer on mineral rights and the granting of Administrative Standing. These conditions required a report from the Government’s independent technical agency – CEDEX, on the viability of the Project taking into account a proposed new tailings management system.
- The CEDEX Report supporting the new tailings management system was received in July 2013. The Report included the formal issuance of an “independent opinion of viability” by the Government’s independent technical expert CEDEX.
- The Company completed and lodged the reports requested by the Andalusian Government’s Departments of Industry and Environment reflecting proposed changes to the Tailings Management System. These changes were the subject of a thirty day public viewing in September/October 2013.
- Post period end, in January 2014, the Department of Environment (CAPMA) issued the Environmental Compatibility Report of the PRT, addressed to the Department of Industry, indicating that the Project is compatible with applicable environmental legislation.
- In February 2014, CAPMA issued the corresponding DICTAMEN AMBIENTAL, which is the preliminary step towards the final resolution on the Unified Environmental Authorisation (“AAU”) and opened another public viewing period, which closed on 17 March 2014.
- CAPMA is currently studying the allegations presented and is drafting the definite resolution on the AAU, which is anticipated to be received in the coming weeks.
- The Department of Industry is now waiting for the AAU to be issued by CAPMA. The issuance of the AAU will then clear the way for the grant of Administrative Standing which will allow the Project to move forward.
Spain – Other projects
- The Andalusian Government completed the public comment period for the “Class B Resources” – the recycling of precious-metal rich tailings via the Company’s joint venture with local investment group Rumbo.
- EMED acquired the Aguilas Two Exploration Licence located 8 kilometres from the PRT. Combined with the Company’s other ancillary local mineral concessions, this reinforces the Company’s 100%-ownership of the tenements for the PRT and surrounding district.
Slovakia – Detva Gold Project
- Following a successful and cost-effective exploration programme which led to the gold discovery at Biely Vrch, Central Slovakia, in late 2006, the Ministry of Economy in 2010 officially recognised the national significance of this discovery by declaring it a protected deposit area and in early 2011, EMED Slovakia submitted an application for the designation of a Mining Lease Area (“MLA”) over the Biely Vrch Gold Deposit. The Company has since been requested to submit further documentation, including a full Environmental Impact Assessment. Given that these requirements are beyond the lawful procedures of the legislation in force, the Company is reviewing its options. The permitting process has now been suspended and activity in Slovakia has been reduced to essentially an administrative level pending resolution of these matters.
- On 12 July 2013, the Company issued Convertible Notes in the amount of £9,582,000, of which £7,026,800 was subscribed by XGC and £2,555,200 was subscribed by Orion.
- On 12 August 2013, Mr Jasper Bertisen resigned as a Director of the Company.
- On 19 September 2013, Mr Harry Anagnostaras-Adams resigned as Managing Director and CEO of the Company and Mr Rodney Halliday was appointed as interim Managing Director and CEO of the Company. On the same day, Dr Jose Sierra Lopez, non-executive Director of EMED, was appointed as the Chairman of EMED Tartessus.
- On 17 December 2013, the Company raised £5.5 million (before expenses) by way of a private placement of 68,750,000 new ordinary shares of 0.25 pence each at an issue price of 8 pence each.
- The Company is taking steps towards the dissolution of non-strategic subsidiaries in Georgia and Greece.
- The Company replaced the proposed copper pre-sale funding arrangement to pursue a more traditional project financing arrangement with a consortium of banks to provide finance of up to $200 million. Such finance will be subject to finalisation of definitive documentation, receipt of all permitting for the Rio Tinto Copper Project and the usual lender due diligence, among other things.
Post Period Events, other than any forementioned:
- Administrative procedures for the additional ancillary permits, such as plant inspections to check all existing plant and equipment to ensure compliance for certification purposes with safety and other standards, have commenced. The Company has put in place the required civil liability insurance policy for the tailings facility;
- On 20 March 2014, following changes to the board of directors took place:
- Mr Isaac Querub was appointed as Managing Director and CEO of the Company and Vice President of EMED Tartessus
- Mr Alberto Lavandeira was appointed as CEO of EMED Tartessus and COO and Executive Director of EMED with effect from 14 April 2014.
- Messrs Rodney Halliday and John Leach resigned as interim Managing Director/CEO and Executive Director of the Company respectively. Mr Leach continues as the Company’s Chief Financial Officer.
EMED Mining Ronnie Beevor +61 409326184
RFC Ambrian Stuart Laing +61 8 9480 2500
Fox-Davies Capital Simon Leathers +44 203 463 5022
Bishopsgate Communications Nick Rome +44 207 107 1890
Proconsul Capital Andreas Curkovic +1 416 577 9927