LONDON (Alliance News) - EMED Mining Public Ltd on Wednesday said it remains in talks to secure a long-term financing deal but has secured additional working capital to see it through the next few weeks.
EMED reiterated that it has agreed non-binding terms on an equity financing deal with its three major shareholders: Swiss commodities trader Trafigura Beheer BV, Orion Mine Finance Fund I LP and Hong Kong Xiangguang International Holdings Ltd. EMED said it is advanced stages of finalising the definitive documentation on the financing agreement.
In the meantime, EMED said it has secured additional working capital and thinks its financial position now looks sufficiently secure to meet its needs for the next three to four weeks while the documentation is finalised. EMED did not provide any information on where the additional working capital has come from.
"We are working hard to finalize the documentation regarding the financing structure and remain busy on the ground aiming to start full plant commissioning later this summer," said EMED Chief Executive Alberto Lavandeira.
Shares in EMED were down 1.5% to 4.95 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.