Last checked at 31 Jul 2014 09:23
AIM: EMED
TSX: EMD
31 July 2014
EMED Mining PLC
("EMED Mining, "EMED" or the "Company")
Change in Substantial Shareholdings
The Company has been notified that Trafigura Beheer B.V. ("Trafigura") has, through its wholly owned indirect subsidiary Urion Holdings (Malta) Limited ("Urion"), acquired 202,022,016 ordinary shares ("Ordinary Shares") of EMED effective 30 July 2014, pursuant to private transactions.
The Ordinary Shares were purchased by Urion for a value of GBP 0.09 per Ordinary Share (approximately $0.1655 Cdn. per Ordinary Share).
Trafigura now exercises control or direction over an aggregate of 228,173,516 Ordinary Shares, representing approximately 18.18% of the outstanding Ordinary Shares.
Trafigura has stated that it has acquired the Ordinary Shares for investment purposes. Depending on market and other conditions, Trafigura may change its beneficial ownership of, or control or direction over, Ordinary Shares through market transactions, private agreements, treasury issuances or otherwise. Trafigura has no role in management of EMED and has not appointed any nominees to the Board of Directors of EMED.
At the same time, the Company has been notified that Resource Capital Fund IV L.P. has disposed of its entire holding in EMED of 167,022,016 Ordinary Shares, representing approximately 13.3% of the issued share capital of EMED.
Enquiries
EMED Mining | Isaac Querub/Alberto Lavandeira | +34 959 59 28 50 |
RFC Ambrian | Samantha Harrison | +44 203 440 6800 |
Fox-Davies Capital | Oliver Stansfield | +44 203 463 5061 |
Proconsul Capital
Walbrook PR | Andreas Curkovic
Nick Rome | +1 416 577 9927
+44 207 933 8783
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For further information on the Company's activities, visit www.emed-mining.com
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on the AIM market of the London Stock Exchange in May 2005 and on the Toronto Stock Exchange in December 2010.
The Company is committed to responsible development of metals production in Europe, with an initial focus on copper and gold.
EMED Mining is focused on the planning and permitting for the restart of its wholly-owned Rio Tinto Copper Project, with its existing processing plant and other infrastructure already in place.
With mining rights now granted, EMED Mining is focusing on developing on-site mining operations with a view to achieving production as quickly as possible (subject to receiving all the necessary further licences and raising the necessary finance).
With an established reserve of 123Mt @ 0.49% Cu (606 kt of contained Cu) and infrastructure in place, resuming production at the Rio Tinto Copper Project will be relatively low cost and near term. Targeting a first stage base case production of 5mtpa in 2015, the Company will focus on increasing production and growing the already established reserve base.
The Rio Tinto Copper Project is located on the world's largest volcanogenic massive sulphide system. The initial focus will be on the Cerro Colorado Pit with further growth opportunities coming from the development of the San Dionisio and San Antonio Mines.