EMED, the Europe-based minerals development and exploration company, is pleased to advise that the Government of Andalucía, has announced the awarding of an €8.8 million grant to EMED Mining’s Spanish subsidiary, EMED Tartessus, in order to support the modernisation of the Rio Tinto Copper Project facilities.
The grant is constituted with EU funds and administered by the Junta de Andalucía through the Agencia IDEA (“Andalusian Innovation and Development Agency”) and is aimed at supporting investment initiatives in Andalucía that show strong potential for innovation and job creation.
EMED applied for the grant in 2013 to subsidise its initial investment in the modernization of the mineral processing industrial plant. The Junta de Andalucía has now approved the announced €8.8 million grant as a subsidy to EMED´s investment. The grant will be payable as a reimbursement of EMED’s expenditure as project execution progresses and after due process is completed.
The awarding of this important grant confirms the support of the Junta de Andalucía of EMED´s plans for the reactivation of copper production at its Rio Tinto Copper Project, after the approval of its environmental plans and the transfer of the Rio Tinto Mining Rights (“Administrative Standing”).
EMED Mining Isaac Querub/Alberto Lavandeira +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
For further information on the Company's activities, visit www.emed-mining.com
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.
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 (subject to receiving all the necessary further licences and raising the necessary finance).
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. Targeting a first stage base case production of 5mtpa in 2015, the Company will focus on increasing 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.