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 2014.
The full audited report (as required by Toronto Stock Exchange), including consolidated Financial Statements, is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.emed-mining.com.
- EMED rapidly progressed site development.
- The Company completed selection and hiring of operational personnel. In total, there are currently over 250 EMED employees and over 250 contractors on site.
- The Company initiated a detailed review of options to expand production with the goal of maximizing use of existing infrastructure.
- Ongoing infill drilling campaigns with over 10,000 m drilled to date targeting a significant increase in open pittable reserves.
- On 11 April 2014, the President of the Government of Andalucía authorised the transfer of the Riotinto Mineral Rights thus granting Administrative Standing (AS) for the project. This followed the receipt of the Unified Environmental Authorisation ("AAU") on 28 March 2014.
- Ronnie Beevor, Isaac Querub, Ashwath Mehra and Bob Francis resigned from the Board. Roger Davey was appointed Chairman and Alberto Lavandeira was appointed Managing Director and CEO of the Company.
- On 24 December 2014, the Company agreed to a Loan for up to US$30 million with Trafigura Beheer BV (“Trafigura”), Orion Mine Finance (Master) Fund I LP (“Orion”) and Hong Kong Xiangguang International Holdings Limited ("Hong Kong Xiangguang"), an affiliate of Yanggu Xiangguang Copper Co. Limited (“XGC”).
- In June 2014, the Government of Andalucía announced the awarding of an €8.8 million grant to EMED Tartessus, in order to support the modernisation of Proyecto Riotinto facilities.
- On 15 August 2014, the Company completed a £13.1 million subscription with two cornerstone investors, XGC and Orion. The investors provided additional financing to the Company by way of the issue of in aggregate 181,200,000 new ordinary shares of 0.25 pence of the Company at 7.25 pence per share.
- Potential start-up capital expenditure savings for Phase 1 in the order of US$50M identified.
Post Period Events
- The Resolution containing the granting of the Mining Permit for the 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.
- The application for the license to initiate mining activities was submitted to Minas de Riotinto town hall in March 2015.
- On 5 May 2015, the Company announced that it was in discussion with its three largest shareholders, Trafigura, Orion and Hong Kong Xiangguang (an affiliate of XGC), regarding a long term financing solution for the continued development of the Rio Tinto Copper Project and has agreed non-binding terms for an equity financing structure with several parties, principally including these investors. It is the intention of entering into binding documentation by mid-May 2015.
EMED Mining Roger Davey/Alberto Lavandeira +34 959 59 28 50
Canaccord Genuity Limited Henry Fitzgerald-O'Connor/Chris Finken +44 207 523 8000
Brandon Hill Capital Oliver Stansfield +44 203 463 5061
Walbrook PR Nick Rome +44 207 933 8780
For further information on the Company's activities, visit www.emed-mining.com