LONDON (Alliance News) - EMED Mining Public Ltd on Friday said it has received final permitting approval from the government of Andalucía for the Rio Tinto copper project in Spain, sending shares in the company higher.
Earlier Friday, EMED noted the movement of its share price prior to the official announcement, and confirmed that a delegation of regional government officials would be visiting the Rio Tinto copper mine site on Friday, which "could be relevant to the development of the project".
Following official confirmation of the permit, EMED shares were up 8.3% to 5.41 pence per share on Friday morning.
The granting of the permit and approval of the restoration plan for the site are the last significant regulatory approvals required by EMED's Tartessus unit before the normal mining and processing operations can start at the project in the third quarter of this year.
In the first and second quarters, the company will continue with the construction and repair activities which have been ongoing at the project since summer 2014.
"The approval of the Mining Permit is a major historic milestone for Proyecto Rio Tinto and paves the way for commissioning to commence in the third quarter of this year," said EMED Chief Executive Officer Alberto Lavandeira.
The project's name comes from being formerly owned by FTSE 100 miner Rio Tinto PLC.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance, and Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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