LONDON (Alliance News) - EMED Mining Public Ltd Thursday said its Spanish subsidiary, EMED Tartessus, has been awarded an EUR8.8 million grant to support the modernisation of the Rio Tinto Copper project facilities it owns.
The Rio Tinto copper mine is EMED Mining?s main project. It is located in the Iberian Pyrite Belt, 65 kilometers northwest of Seville in Spain.
The minerals development and exploration company, which has assets in Spain and Slovakia, said the grant is aimed at supporting investment initiatives in Andalucía that show strong potential for innovation and job creation.
"The awarding of this important grant confirms the support of the Junta de Andalucía of EMED´s plans for the reactivation of copper production at its Rio Tinto copper project," the company said in a statement.
EMED Mining said the grant will be paid as a reimbursement of EMED's expenditure at the site.
EMED Mining shares were up 5.7% at 7.00 pence Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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