LONDON (Alliance News) - EMED Mining PLC Friday said that Mining Rights for the Rio Tinto Copper Project in Spain have now been transferred to the company's subsidiary EMED Tartessus, effectively giving the company its final permits required to start production at the major project.
The Europe-based mineral development and exploration company said that the President of the Government of Andalucía, Susana Díaz Pacheco, announced that the company has been granted Administrative Standing for the site on Friday, transferring the mining rights to EMED.
"From today onwards, EMED Tartessus has the authorisation to resume mining operations thus paving the way to economic growth and development for a region that has suffered greatly over the past few years," Pacheco said in a speech at EMED's Rio Tinto facilities.
The company said that the decision, along with receiving the site's Unified Environmental Authorisation in March, clears the way to operate the Rio Tinto Copper Mine.
EMED Mining said it is committed to mine development and production as quickly as possible at the site, which it believes it can achieve in a relatively short time frame at low capital cost.
"The project now enters the very important stage where the company can trigger site works, complying with all requirements and preparing for copper production," Chief Executive Isaac Querub said in a statement.
The Rio Tinto Copper project, formerly owned by Rio Tinto PLC, is a key focus for EMED. At its full-year results in March the company said that its near-term priority was to start production at the project.
The open-pit mine has ore reserves totalling 606,000 tonnes of contained copper and a large processing facility that has been on care and maintenance since 2001.
The decision Friday draws to a conclusion a permitting process which began in 2007 when EMED first picked up an option over the project.
EMED Mining shares were down 2.1% to 9.915 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.