I don't think so! Those who have been invested here for many years and who are well informed will know this has further derisked the project! As the article reports it is the end of this part of the admin process after 6 very long years. The next news to come will be Finance. The other permits will be a formality. Investors should be very reassured by this and I believe this will be reflected in the sp next week before and after the formal rns!
Things will move very fast between now and December for emed IMO!
Emed Tartessus formalized the endorsement of six million euros required by the Junta de Andalucía to the company as a condition for reopening the Rio Tinto copper mine ( Huelva ), confirmed Efe sources close to the company.
Huelva, July 18 -. Emed Tartessus formalized the endorsement of six million euros required by the Junta de Andalucía to the company as a condition for reopening the Rio Tinto copper mine (Huelva), Efe confirmed sources close to the company.
The condition was reflected in a signed resolution on April 11 this year by the president of the Junta de Andalucía, Susana Díaz , approving the transfer of mining rights was formalized Emed Tartessus, once obtained the project in March Unified Environmental Authorisation (AAU) by the Ministry of Environment.
The purpose of this guarantee is to address potential negative social impact and address those subsidiaries that urgent actions are forced to perform "in case of unexpected closure of the mine by Emed".
The formalization of this so-called "surety" means the completion of the administrative process that began more than six years ago when the company took ownership of the land and decided to push the project to reopen the mine.
The company has until October to start business and 12 months to address the conditioning phase of the industrial plant, which will require an investment of 215 million euros and create 250 direct jobs and 750 indirect and induced between.
At this stage treatment infrastructure and water management will be undertaken, facilities deposition of tailings and tailings plant, ancillary facilities and infrastructure to be conditioned, and field surveys will be conducted.
The total investment by the company will exceed 315 million euros, having posted that made up this year of 100 million euros and 120 million in annual operating costs by way of purchase of supplies and technical assistance, as well personnel costs.
The granting of mining rights granted by the Andalusian Emed is valid for the 2,000 square acre mining complex, so you can work for the removal of about 123 million tonnes of ore.
Once the operational phase and projected production for the last quarter of 2015 it is estimated that initiated the Company has a team of over 400 workers (staff and subcontracts) and more than 1,000 indirect jobs.
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