Financing Proposals Received for Rio Tinto Copper Mine
EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces that indicative terms sheets have been received from several project financiers. These proposals include debt funding up to all of the anticipated capital requirements for the restart of the Rio Tinto Copper Mine. Taken together with the Company's strong shareholder base and the expressions of interest from product customers, this provides the Company with a good range of financing choices for refinement and optimisation during the course of 2012.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"Required financing is making steady progress in parallel with the permitting required for the restart of the Rio Tinto Copper Mine.
"Notably, the Government has recently spoken of triggering the mine restart in Q3-2012 which is aligned with EMED Mining's timetable and on 24 October 2011, it confirmed the additional information required to complete full permitting. Good working relationships and the constructive approach being taken by both parties should expedite completion of this additional documentation and all other regulatory requirements.
"Supportive public statements by the Andalucian Government include that it is generally satisfied with the Company's legal, technical and economic competencies, the criteria for approval of its Administrative Standing.
"It is especially pleasing that the Government and our financiers are lining up to back our timetable to trigger the restart of this major copper mine during late 2012, and then an 18 month ramp-up to steady-state ore production of 9 million tonnes per annum in 2014."
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About EMED Mining Public Limited
EMED Mining is at the forefront of the revival of responsible mining in Europe and is focused on two key projects:
· Copper in Spain: The Company's 100%-owned flagship project is the historic Rio Tinto Copper Mine near Seville, Spain. EMED Mining is currently permitting the restart of operations with initial production planned to be 37,000 tonnes of copper-in-concentrate per annum.
· Gold in Slovakia: EMED Mining discovered the Biely Vrch porphyry gold deposit in Central Slovakia and is currently advancing the planning and permitting necessary for development.
For further information on EMED Mining and technical details on the Company's projects, please refer to www.emed-mining.com.
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