LONDON (Alliance News) - EMED Mining Public Ltd Wednesday said its continued to scale up its operations in the third quarter, as it gets closer to achieving production.
The Europe-based minerals development and exploration company said it continues to progress in obtaining its mining permit and final restoration plan, and said it remains confident it will receive the final permits before year end.
During the third quarter, EMED said it continued with onsite preparations at the Rio Tinto Copper Project, focusing on ensuring that process plant and infrastructure refurbishment and development continued at pace ahead of the scheduled restart of the mine, which management believes can now be achieved in the fourth quarter of 2015.
The company said its close to finalising a comprehensive review of its operating plan and expenditure budget, and said so far it has identified potential start-up capital expenditure savings for Phase 1 of around USD50 million.
During the quarter, the company successfully completed a GBP13.1 million subscription with two major existing investors, Orion Mine Finance and Yanggu Xiangguang Copper Co Ltd, through the issue of 181.2 million shares. It has been raising funds to use for general working capital purposes and drilling activities at the Rio Tinto Copper Project.
"It is anticipated that the proceeds of the fundraising will finance the company up to the end of 2014 which, the directors believe, will enable the Company to optimize financing plans for Proyecto Riotinto [Rio Tinto Copper Project]," the company said.
EMED Mining said it continues to evaluate all financing options, including raising new equity or debt, and said its in ongoing discussions with key parties in order to finalise the Phase 1 funding in the December quarter.
The company's stock was trading 0.7% higher Wednesday morning at 6.67 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.