AGM Statement

29 July, 2015

At EMED Mining’s AGM to be held at 12.00pm (CEST) today at the Rio Tinto Mine, La Dehesa s/n, Minas de Riotinto, 21660 Huelva, Spain, Roger Davey, non-executive Chairman, will make the following statement:
“I am pleased to welcome you to the 2015 Annual General Meeting of EMED Mining. I declare that a quorum is present and the meeting is open.
My name is Roger Davey and I am the non-executive Chairman of the Company. With me today are my fellow Directors – Alberto Lavandeira, the Managing Director and Jose Sierra. Jesus Fernandez and Harry Liu could not be with us today.
The Company expects to make further non-executive director appointments in the next few months, including representatives nominated by Orion and Liberty and, separately, two additional independent non-executives.
Five weeks ago at our EGM held in London, shareholders approved a fund raising at 4.75p per ordinary share, resulting in the Company being able to strengthen its balance sheet by repaying its Convertible Note and Bridge Loan and raising a further £64.9m of gross cash proceeds for the Rio Tinto Copper Project.
These funds are sufficient to ensure the Company completes the Rio Tinto Copper Project and the re-start of production in 2015 – firstly at 5.0mtpa and then 7.5mtpa shortly thereafter and indeed we remain on track to achieve this.
On 16 July, EMED Tartessus, EMED’s wholly owned subsidiary and the owner of the Rio Tinto Project, was awarded the Activity License from the Minas de Riotinto Municipality. This is a significant milestone for the Company as this licence represents the final key permit required to initiate mining activities and production.
There are currently approximately 260 fulltime EMED employees on site, sourced mainly from the local communities, combined with experienced operators mainly recruited from other operating mines in Spain. In addition to the operating workforce, there are approximately 500 specialised contractors working day and night on the completion of construction works for phase 1 and fast-tracking expansion to 7.5 Mtpa.
Since the EGM in July we have made further significant progress on site. The Mining contractor is now fully operational removing pre-stripping waste and delivering ore to the crusher ahead of the commissioning phases. Resource definition drilling continues at Cerro Colorado and, in the meantime, an interim calculation report has been requested from a specialised independent firm. I had the opportunity of visiting the plant construction works yesterday and I am pleased to report that all the front-end crushing was working smoothly. At the wet part of the plant, constituted mainly of the grinding, flotation and concentrate sections, the teams were busy commissioning all the equipment and all the sections of the plant were working with water. This is normal procedure ahead of introducing ore in the next few weeks, well ahead of the original schedule.
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 further progress in the coming twelve months”.