Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAtalaya Mining Regulatory News (ATYM)

Share Price Information for Atalaya Mining (ATYM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 433.00
Bid: 433.00
Ask: 435.00
Change: 0.00 (0.00%)
Spread: 2.00 (0.462%)
Open: 434.00
High: 436.50
Low: 429.00
Prev. Close: 433.00
ATYM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Operations Update

2 Sep 2015 07:00

RNS Number : 7766X
EMED Mining Public Limited
02 September 2015
 

AIM: EMED

TSX: EMD

2 September 2015

 

EMED Mining Public Limited

Operations Update

 

EMED Mining Public Limited ("EMED" or the "Company"), the European minerals development and exploration company, is pleased to provide an update on its continued progress towards the re-start of its Riotinto Copper Project ("Proyecto Riotinto").

Phase 1 - Commissioning under way

The Company has completed the remaining site development for Phase 1 ahead of schedule. Notable developments include:

· Waste pre-stripping has been taking place and mineralized material is being supplied to the flotation plant to be used during commissioning;

· Wet commissioning is ongoing and the various components of the plant (secondary and tertiary crushers, flotation cells and pumps) are working smoothly;

· First concentrate production was achieved on 31 July 2015. As expected, these concentrates were not marketable but successfully demonstrated that the processing plant is working well from a mechanical perspective. The ramp-up phase over the coming months will focus on fine-tuning throughput, concentrate grade and recovery until commercial concentrates are produced; and

· The existing mining fleet has demonstrated the capacity to operate well in excess of current plan requirements.

There are now 260 full time employees working on site in addition to 450-550 contractors who are fully mobilized and working on a continuous basis primarily on the plant for Phase 1 Expansion. The existing plant and infrastructure refurbishment for Phase 1 resulted in confirmed capex savings of US$62 million.

Phase 1 Expansion Project

Having raised sufficient funds to expand the plant beyond its initial capacity of 5Mtpa, the Company is aiming to accelerate its planned processing throughput expansion to 7.5Mtpa. The Company is still on target to achieve mechanical completion of the Phase 1 Expansion Project before the end of H1 2016, well ahead of original expectations.

Phase 2 Expansion Project

New equipment has now been ordered by the mine contractor, which is expected to accommodate increased processing throughput to 9.5Mtpa as part of our Phase 2 Expansion Project. First delivery of this equipment is expected on-site in December 2015, with the remainder expected in March 2016.

At the plant expansion, a team is currently at work focusing on engineering and flotation. Highlights include:

· Civil works on the new grinding mills, which are progressing according to schedule;

· Engineering of the new flotation area, which is close to completion; and

· Thickening and filtering sections are well ahead of schedule with mechanical equipment installation nearing completion.

The Company continues to review the economics of the Phase 2 Expansion Project and, as expected, indications are that the capital intensity of this project will be maintained at levels similar to those achieved in Phase 1. The Company is targeting mechanical completion of the Phase 2 Expansion Project by the end of H2 2016.

Geology and Exploration

Infill drilling within the Cerro Colorado pit is ongoing in order to obtain a complete detailed block model that can be used for mine planning and further pit optimization, as well as potentially extending the mine life. The Company will provide a full update on the results of the drilling campaign once they are finalised.

The Company is also in the process of conducting new geophysics and drill testing on some of the anomalies within the wider region. While there have been no relevant exploration results to report to date, the Company continues to focus on the extensions of the known San Antonio-Planes mineralized zones, with future exploration work at the San Dionisio-Alfredo area planned. Both areas have significant potential to define additional mineralization that could possibly be mined using underground methods.

Corporate Activities and Development

In order to focus on the core activities at Proyecto Riotinto, the Company has reached agreements with interested parties to dispose of its exploration assets in Slovakia and Cyprus. None of these assets are considered material to the Company. The main goal of the disposal of these assets is to streamline available working capital and focus management time on Proyecto Riotinto.

The Company has identified two new independent Non-Executive Directors (NEDs) and is in the process of finalizing their appointments to the Board. These appointments will coincide with the appointment of two NEDs nominated by existing shareholders Orion Mine Finance (Master) Fund I LP ("Orion") and Liberty Metals & Mining Holdings, LLC ("Liberty Metals & Mining"), each of which has the right to appoint one NED, as announced on 28 May 2015.

The appointments will ensure that the Company has a Board of complementary independent and non-independent Directors who have a wealth of industry experience and the skill sets to further develop the Company's operations and to maximise shareholder value. Following these appointments, the Board of Directors will consist of nine Directors: four independent NEDs (including Roger Davey, Chairman); four NEDs nominated by Orion, Liberty Metals & Mining, Hong Kong Xiangguang International Holdings Limited ("HKX") (a subsidiary of Yanggu Xiangguang Copper Co. Ltd ("XGC")) and Trafigura Beheer B.V ("Trafigura"); and one executive Director (Alberto Lavandeira, CEO).

A number of business opportunities have been presented to the Company which are, at this stage, under preliminary, internal evaluation.

Alberto Lavandeira, CEO, commented:

"Having attained our goal of starting production well ahead of schedule and under budget, our focus is now on the two expansion phases: firstly to processing throughput of 7.5Mtpa, which we estimate shall be achieved by the end of H1 2016, and secondly to 9.5Mtpa, which we hope to achieve approximately 6 months later, subject to financing. We look forward to growing our commercial production as a "pure-play" copper producer and are extremely grateful for the continued support shown by our shareholders."

CONTACTS:

EMED Mining

Roger Davey/Alberto Lavandeira

+34 959 59 28 50

Canaccord Genuity (Nomad and Broker)

Henry Fitzgerald-O'Connor/ Oliver Donaldson

+44 207 523 8000

Brandon Hill Capital (Broker)

Oliver Stansfield

+44 203 463 5061

4C Communications (Investor Relations Europe)

Carina Corbett

+44 203 170 7973

Roth Investor Relations (Investor Relations North America)

Michelle Roth

+1 732 792 2200

Walbrook PR (Media Relations)

Nick Rome/ Guy McDougall

+44 207 933 8783

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCKFLFBEKFEBBZ
Date   Source Headline
12th Apr 20217:00 amRNSDirectorate Change
25th Mar 20217:00 amRNSDirectorate Change
25th Mar 20217:00 amRNSResults for the year ended 31 December 2020
16th Mar 20217:00 amRNSDirector share sale and Director/PDMR Shareholding
15th Mar 20211:31 pmRNSPayment of the Deferred Consideration to Astor
12th Feb 20217:00 amRNSIssue of Equity
10th Feb 20217:00 amRNSAppointment of Director
14th Jan 20217:00 amRNSQ4 2020 Operations Update and 2021 Guidance
17th Dec 20207:00 amRNSIssue of Equity
15th Dec 20205:10 pmRNSDirectorate Change
15th Dec 20207:00 amRNSHolding(s) in Company
26th Nov 20207:00 amRNSHolding(s) in Company
19th Nov 20207:00 amRNSQ3 2020 Financial Results
28th Oct 20207:00 amRNSApproval of feasibility study using E-LIX System
21st Oct 20207:00 amRNSAcquires Masa Valverde Polymetallic VMS Project
15th Oct 20207:00 amRNSThird Quarter 2020 Operations Update
24th Sep 20207:00 amRNSDevelopment of solar plant at Proyecto Riotinto
13th Aug 20207:00 amRNSQ2 and H1 2020 Interim Financial Statements
15th Jul 20207:00 amRNSQ2 2020 Operations Update
9th Jul 20207:00 amRNSGrant of share options and Director Shareholding
25th Jun 202012:32 pmRNSResult of AGM
25th Jun 20207:00 amRNSAGM Statement
1st Jun 20207:00 amRNSJunta de Andalucía validates Mining Permits
28th May 20207:00 amRNSNotice for the AGM in light of COVID-19
14th May 20207:00 amRNS1st Quarter Financial Results
7th May 20207:00 amRNSAAU granted by the Junta de Andalucía
15th Apr 20207:00 amRNSFirst Quarter 2020 Operations Update
7th Apr 20204:41 pmRNSSecond Price Monitoring Extn
7th Apr 20204:36 pmRNSPrice Monitoring Extension
7th Apr 20207:00 amRNSResults for the year ended 31 December 2019
6th Apr 20207:00 amRNSOperations Recommence at Proyecto Riotinto
30th Mar 20207:00 amRNSCompany Update - COVID 19 Developments
27th Mar 20207:00 amRNSPostponement of 2019 Full Year Results
17th Mar 20207:00 amRNSCompany Update - COVID 19
16th Mar 20204:40 pmRNSSecond Price Monitoring Extn
16th Mar 20204:36 pmRNSPrice Monitoring Extension
25th Feb 20207:04 amRNSDirector share purchase
30th Jan 20207:00 amRNSPositive Legal Update on Proyecto Riotinto
29th Jan 20207:00 amRNSUpdate on Proyecto Touro Permitting
16th Jan 20207:00 amRNSQ4 2019 Operations Update and 2020 Guidance
20th Dec 20199:02 amRNSHolding(s) in Company
21st Nov 20197:00 amRNSThird Quarter Financial Results
17th Oct 20197:00 amRNSThird Quarter 2019 Operations Update
19th Sep 201912:10 pmRNSHolding(s) in Company
19th Aug 20197:00 amRNSFull Mechanical Completion of 15Mtpa Expansion
15th Aug 20197:00 amRNSQ2 and H1 2019 Interim Financial Statements
11th Jul 20197:00 amRNSSecond Quarter 2019 Operations Update
10th Jul 20197:00 amRNSGranting of share options and PDMR Shareholding
5th Jul 20197:00 amRNSAppointment of Broker
27th Jun 20191:00 pmRNSResult of AGM

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.