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18 Aug 2010 07:00
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AIM: EMED 18 August 2010
PRT Permitting Progress
EMED Mining Receives Regulatory Clarifications for Tailings Dams
EMED Mining Public Limited ("EMED Mining" or "the Company"),the AIM-quoted mining exploration and development company, is pleased to announce that its wholly-owned subsidiary EMED Tartessus S.L. ("EMED Tartessus") has received formal clarification from ConsejerΓa de EconomΓa, InnovaciΓ³n y Ciencia ("Department of Industry") of certain regulatory administrative matters which were reported as outstanding in the Company's June 2010 Quarterly Report released on 30 July 2010.
Various requirements relating to the tailings dams have been stipulated by the Department of Industry, specifically the insurance requirements have now been set and the joint responsibilities of all relevant landholders have now been confirmed. The relevant landholders are EMED Tartessus, Rumbo 50 and Zeitung.
Details of the key clarifications received were as follows:
Insurance
The regulatory authorities have advised that the public risk insurance coverage for the tailings dams should be for an amount totalling β¬180 million and be arranged by each landowner proportionately to their ownership. The estimated annual insurance cost is included in the projected cash flows previously announced by EMED Mining.
Rehabilitation Commitments and Bonding
The regulatory authorities have now confirmed that all landowners need to provide environmental rehabilitation plans and undertake to provide the requisite bonding, as has been done by EMED Tartessus.
Care and Maintenance of Facilities
The authorities have now formally advised all landholders of their care and maintenance obligations in relation to the tailings dams, which continue to be complied with by EMED Tartessus.
Rights to Occupy and Use of Adjoining Lands
EMED Mining is seeking a negotiated agreement with the two other part-owners of the tailings dams. Spanish law facilitates compulsory acquisition of the subject lands as a last resort and the relevant independent valuations for such acquisition have been carried out to provide further clarification.
Mr. Harry Anagnostaras-Adams, Managing Director of EMED Mining, commented:"These regulatory confirmations are another step forward in setting up the arrangements between all stakeholders for the restart of the Rio Tinto Mine and we appreciate the clarifications made by the Andalucian authorities."
Enquiries
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EMED Mining |
Fox-Davies Capital |
RFC Corporate Finance |
Bishopsgate Communications |
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Harry Anagnostaras-Adams |
Β Daniel Fox-Davies |
Stuart Laing |
Michael Kinirons |
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+357 9945 7843 |
+44 (0)207 936 5230 |
+618 9480 2500 |
+44 (0)207 562 3350 |
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www.emed-mining.com |
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www.emed.tv Β |
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Notes to Editors: About EMED Mining Public Limited Β EMED Mining was admitted to trading on AIM in May 2005. The Company is committed to responsible development of metal production in Europe, with a focus on copper and gold. Β The Group's region of interest is the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through the implementation of European Union and other international standards. The Company strictly implements its Environmental & Community Policies. Β EMED Mining has now established a strong position in the following selected zones: Β Copper in Spain: The copper-mining district of Spain is probably among the best known in the world for its metal endowment. The Company's first priority is to commence production of its wholly-owned Rio Tinto Mine which is the largest metal deposit in Spain and contains a fully installed and maintained operational complex - an open pit mine, copper-concentrator and waste disposal facilities. Β Gold in Slovakia: The Company has announced a significant gold discovery at Biely Vrch and is advancing planning and permitting for its potential development. Β EMED Mining has other notable earlier-stage activities focused on copper and gold, as follows: Β·; Exploration licences in the copper-mining districts of Cyprus; Β·; A large mining lease in Georgia, Caucasus; and Β·; A 25% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Turkey and the Kingdom of Saudi Arabia. Β For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv Β |
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