Green Light23 Jun 2015 15:56
Major injection of capital to finance the opening of a historic site. Shareholders of Emed Mining, Cyprus multinational through Emed Tartessus promotes reopening of the copper mine of Rio Tinto, which owns, held today a general meeting at which they will give the green light to a capital increase of 87 million euros to finance the reopening of the copper deposit. The meeting, as confirmed yesterday to this newspaper sources Emed, taking place in London, after which the operation was announced to the market on 28 May. Trafigura Beeher ( Mine subsidiary Aguas Dyed and one of the world's largest groups in the commodities trading), the Chinese metallurgical holding Yanggu Xiangguang Copper (XGC) and the private equity fund based in New York Orion Mine Finance- acquire 42 million euros in new shares of the company and exchanged the loan value of 27 million signed in December last year in favor of Emed Mining for new securities. The pact between referral partners also includes the entrance to a room, Liberty Mutual, US insurer to acquire, through its fund Liberty Metals & Mining company shares worth 32 million euros. In this way, Trafigura, with 22% of the shares and XGC, with 21.9% is will become the largest shareholders of the company, as confirmed yesterday from Emed. For its part, investment funds specialized in mining Mine Orion Finance and Liberty Metals & Mining followed with 14, 6% and 14% ownership respectively. The CEO of Emed, Alberto Lavandeira, as highlighted in its on the importance of the agreement, by which the project funding, after obtaining the main permits, moving "at a good pace to start producing soon, thanks to the strong support of its shareholders" is finished. It also highlighted the engineer mine "the size and scale of this historic project, and its potential for expansion, we have well documented". In the facilities and recent rush preparatory work, with the aim of starting the production of copper "in the next months. " To do this, you work in a first phase in the refurbishment of existing treatment facilities mineral, to a capacity to initially process around 5 million tons of ore per year, continuing an intermediate stage of 7.5 million tonnes a year. In this period "an investment of 212 million euros and the creation of a staff of 250 people," it is estimated, to which must be added indirect jobs and induced generated. In parallel, the company is already designing the expansion of its operations in Rio Tinto, with the aim of increasing the ore processing capacity of the plant until at least 9 million tons that were contemplated in the project. Also the company has raised to extend the life of exploitation, with the launch of a geological research program to identify new reserves.
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