EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces its unaudited interim results for the three and nine months ended 30 September 2014.
The full, unaudited Quarterly Report (as required by Toronto Stock Exchange reporting standards), including unaudited, consolidated Financial Statements and the Management Discussion and Analysis relating to the Company, are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.emed-mining.com.
- Over 220 people mobilized and fully working on site including EMED personnel and local contractors.
- Drilling started at Proyecto Riotinto and two drilling contractors and three drill rigs are on site.
- 720m were drilled for metallurgical testing purposes, while a 7,500m resource infill program is in progress with approximately 1,050m already drilled by the end of the third quarter of 2014.
- Mining contractor appointed and mining fleet pre-ordered.
- Potential start-up capital expenditure savings for Phase 1 in the order of US$50M identified.
- Phase 1 throughput rate will be 5Mtpa and management is assessing a range of options for the development of Phase 2 to increase throughput up to 15Mt of ore per year.
- Phase 1 is now progressing well into full implementation.
- Final Restoration Plan officially submitted following completion of the public consultation process. Approval of the Final Restoration Plan is expected before the end of the year.
- Application for the Mining Permit was completed by EMED during the third quarter of 2014. The Mining Permit is expected before year end at which point the Company will be fully permitted to enable full scale mining operations to recommence.
- Junta de Andalucía granted a self-imposed three month regulatory extension to approve the Mining Permit for the Rio Tinto Copper Project to allow for additional time to complete the complex administrative process related to the final permits. As confirmed by the Junta de Andalucía in its release, this does not affect the latest schedule for the project and the Company confirmed that it still expected to receive the final permitting before the end of the year
- Successful completion of a £13.1 million subscription with two existing cornerstone investors, Orion Mine Finance Fund I LP (“Orion”) and Yanggu Xiangguang Copper Co. Ltd (“XGC”) – enabling the continuation of activities on site to the end of the year.
- The Company is finalising plans for the financing of Phase 1 of the Proyecto Riotinto redevelopment.
- Notification received that Trafigura Beheer B.V. had, through its wholly owned indirect subsidiary Urion Holdings (Malta) Limited, acquired 19,565,000 ordinary shares of the Company on 3 November 2014. Trafigura currently exercises control or direction over an aggregate of 278,594,997 ordinary shares, representing approximately 19.35% of the outstanding ordinary shares.
- Requisition received from Urion Holdings (Malta) Ltd (the “Proposing Shareholder”), a wholly owned subsidiary of Trafigura Beheer B.V., requiring the Company to call an Extraordinary General Meeting (“EGM”). The Company is currently in discussions with the Proposing Shareholder and other key stakeholders about the requisition and the proposed timings for any EGM to be convened at the present time.
- The Company continues to review its options, which include the sale and/or joint venture of its interests in Slovakia and is currently in discussions with interested parties.
- The Company is in joint venture discussions with parties interested in the Company’s Cypriot assets.
Isaac Querub, CEO of EMED Mining said: “The Company continues to work towards receiving final permitting before the year-end, ahead of Q3 2015 restart. We have been extremely busy on the ground and continue to rapidly expand operations during this exciting phase of development. With over 220 people working onsite and drilling and refurbishment ongoing this is an incredibly exciting time at Proyecto Riotinto. We look forward to scaling up further in the coming months as we build on the great momentum achieved to date.”
EMED Mining Isaac Querub/Alberto Lavandeira/John Leach +34 959 59 28 50
Canaccord Genuity Neil Elliot/Mark Palmer +44 207 523 8000
Fox-Davies Capital Oliver Stansfield +44 203 463 5061
Walbrook PR Nick Rome +44 207 933 8783
For further information on the Company's activities, visit www.emed-mining.com.