Last checked at 30 Jul 2010 07:00
EMED MINING QUARTERLY REPORT
30 July 2010
EMED Mining Public Limited ("EMED Mining" or "the Company"), the European-based minerals development and exploration company, is pleased to provide shareholders with its Quarterly Report for the three month period ending 30 June 2010.
Key Points
Rio Tinto Mine ("Proyecto Rio Tinto" or "PRT") - Copper in Spain
> Submitted to the relevant authorities all reports to support regulatory permission to commence production at PRT in 2011.
> Clarified important commercial matters including:
o settlement with the Department of Social Security in relation to a debt owed by a previous owner of PRT (and secured against PRT's principal landholdings);
o finalisation of independent assessment of the bonding required for regulatory compliance with environmental rehabilitation obligations; and
o completion of independent valuations of adjoining landholdings required for operations.
> Received authorisation for the interim connection of PRT to the national power grid and for connection to town water supplies.
> The copper price outlook remains positive, with spot and average 10-year forward prices often continuing to exceed US$3.00/lb or US$6,600/tonne (€2.10/lb or €4,620/tonne). At this copper price, projected net operating cash flow is estimated to average US$117 (€93) million per year under the current "base case" development plan.
> Updated financial models which show that, after taking into account the various updates along with the amounts now independently assessed as being required for bonding, the initial capital required for PRT's start-up remains in the order of US$100 million as previously reported.
Detva Gold Project - Gold in Slovakia
> Updated Scoping Study confirms the attractive economics of developing a mine at Biely Vrch.
> Slovakian regulators approved the Biely Vrch Mineral Resource estimate totalling 1.1 million ounces of gold, the first statutory step of the permitting process.
> European Commission rejected a proposed cyanide ban for extractive industries in Europe.
Corporate
> The Company is preparing to dual-list on the Toronto Stock Exchange.
> Detailed discussions in progress with potential PRT product customers/financiers.
> EMED Mining welcomed Roger Davey as a Non-Executive Director.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"In Spain, the submission of detailed and independent reports supporting the Company's regulatory submissions of mid-2009marks another significant milestone in the permitting process for PRT. The process which we have just been through has improved the project, deepened our local relationships, facilitated community consultation and complied with our timetable.
"In Slovakia, the revised Scoping Study for Biely Vrch has improved our development plan, facilitated the first phase of that permitting process, provided a platform for public dialogue and allowed the commencement of the Preliminary Environmental Impact Assessment.
"The European Union's "Raw Materials Initiative" and the recent rejection by the European Commission of a proposed ban on the use of cyanide in the extractive industry have provided us with renewed confidence that EMED Mining's strategy and timing complement a resurgence of the minerals and metal production sectors in European industry.
"EMED Mining has a strong commitment to the responsible development of metal production operations in Europe. We are determined to become a leading European-based mining company that will employ many more people and provide long-term benefit to all our stakeholders."
OVERVIEW OF STRATEGY
EMED Mining is led by international minerals industry specialists and has its corporate headquarters in Cyprus, geographically central to the Company's areas of interest and a member of the European Union and British Commonwealth. EMED Mining is committed to responsible development of metal production in Europe, with an initial focus on copper and gold.
The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation.
Over the longer term, it is the Company's goal to develop a group of production units across several jurisdictions from the operations base in Spain. Since becoming a publicly listed company in 2005, EMED Mining has achieved 100%-ownership of two major projects with significant resource bases:
> Rio Tinto Mine in Spainwith substantial processing and other mine site infrastructure in place and a JORC-compliant Mineral Resource containing 940,000 tonnes of copper (205 million tonnes at 0.46% copper). Rio Tinto is a large copper mine acquired and now reorganised by EMED Mining. The Company is now focused on completing permitting, starting production and then optimising and expanding operations and mine life; and
> Detva Gold Project in Slovakia with a JORC-compliant Mineral Resource of 1.1 million ounces of gold at the Biely Vrch Deposit - a discovery achieved by applying the latest exploration techniques in a prolific mining district. Further work towards developing this project is being undertaken following completion of a positive Scoping Study.
The Company has earlier-stage activities in Cyprus, as well as via associate KEFI Minerals which operates early-stage exploration joint ventures in Turkey and the Kingdom of Saudi Arabia. The Company is considering withdrawing from exploration involvement in Georgia and has many opportunities on a "watching brief".
EMED Mining is managed by a multi-cultural team drawn initially from Australia and the Americas and now mainly comprised of Spanish citizens. The main priority for the short term is to safely and efficiently start copper production at the Rio Tinto Mine once EMED Mining has completed the regulatory approval process, financed the start-up and obtained shareholder approval.
Multi-lingual introductory videos are available on www.emed.tv for the information of interested parties. Also, notable media articles are available on www.emed-mining.com.
SPAIN - RIO TINTO MINE ("PROYECTO RIO TINTO" OR "PRT")
EMED Mining, via its wholly-owned subsidiary EMED Tartessus SL, owns 100% of PRT.
The established open-pit mine, copper-concentrator plant and other infrastructure at the Rio Tinto Mine provide an excellent opportunity to bring a large copper mine into production at a relatively low total cost at a time of global copper shortage and high local unemployment.
In 2007, the Company acquired 51% and an option over the remaining 49% of PRT. In 2008, EMED Mining moved to full ownership by acquiring from MRI Investment A.G the remaining 49%. The Company has cleaned up the pre-existing legal structure and the principal legacy issues.
All required reports have been submitted to the Junta de Andalucía, after detailed due diligence and independent consultation and assessment.
Support for restarting the mine is now well established within all surrounding communities.
The restart is expected to be relatively straightforward from an operational perspective, with an established infrastructure and processing facility that can be readily restarted, albeit with aspects to be updated to incorporate industry improvements that have been developed over the past 20 years.
Submissions to Provincial Government
Following extensive discussion with the relevant authorities, EMED Mining has now submitted all of the reports it believes are required by the relevant authorities of the Junta de Andalucía. These authorities are the Provincial Delegations of the Ministries of Innovation, Science and Economy ("Industry") and of Environment ("Environment"), the Department of Culture and Heritage ("Culture & Heritage") and the "Water Authority".
The key reports submitted over the past few months to the Junta and the relevant independent experts, who have supported the Company's conclusions and plans, include those listed below:
> "Geotechnical Condition of Tailings Dam Walls" by Eptisa Servicios de Ingeniería S.L. ("EPTISA")
> "Geotechnical, Hydrological, Hydro-Geological Study & Final Rehabilitation of the Cerro Colorado Open Pit" by Subterra Engineering ("Subterra") and SA Hydrogeological Investigation Techniques Plc ("TIHGSA");
> "Hydrology Study" by Geophysics, Drilling and Services Ltd ("Hidrogest");
> "Infrastructure, Processing Facilities & Metallurgical Review" by Gómez Pardo Foundation;
> "Mining Project and Economic Evaluation" by Mining Diversification Society of Asturias ("SADIM");
> "Geotechnical, Hydrological Study & Final Rehabilitation of the Waste Dumps" by General Company for Engineering and Surveys ("CGS") and Alba Consulting Engineers Ltd;
> "Final Rehabilitation Plan" by Environmental Research and Management ("EYGEMA");
> "Project on Construction and Management of Tailings Dams Proyecto RioTinto" by EPTISA;
> "Health and Safety Systems" by Mapfre and Applus Norcontrol;
> "Two-Year Mine Monthly Production Plan and Life-of-Mine Plan" by AMC Consultants UK Ltd;
> "Copper Price Study" by Ausace SL; and
> Comprehensive legal documentation and reports.
The above reports are supported by thousands of pages of documentation. The next steps in the process are broadly:
> reviews and requests for clarification by the Andalucían authorities, which have commenced;
> formal public information and consultation;
> formal regulatory reviews in Madrid; and
> administrative approval of the Company's mineral rights and permits to allow start-up activities.
The Company's timetable remains that production be commissioned in 2011, the exact timing dependant on the pace of permitting and any conditions attached.
Operational and Legal Prerequisites to Triggering Project Execution Plan
Operational:
The Project Execution Plan is the Company's independently reviewed plan for operationally implementing the start-up. The project team is currently focused mainly on fulfilling regulators' requirements and already includes the functional heads for geology, planning, safety, environment, plant maintenance, plant refurbishment, legal, human resources, regulatory compliance, finance and the chief executive in Spain.
Once the restart is permitted, a number of site-housekeeping tasks need to be carried out prior to triggering the Project Execution Plan, such as replacement of asbestos cladding and other repairs to roofing.
Clean-up of Legal Legacy Issues:
The Company has carried out the following clean-up activities:
(a) in mid-2007 acquired an option over 100% of PRT;
(b) in mid-2008 overhauled project leadership;
(c) at end-2008 settled with the vendor, largest creditor and then off-take customer - MRI;
(d) at end-2008 acquired 100% ownership of PRT;
(e) in mid-2009 submitted regulatory applications reflecting the cleaned-up and improved PRT;
(f) at end-2009 confirmed with the authorities the residual regulatory requirements;
(g) recently settled with the Department of Social Security, the holder of a lien resulting from unpaid social security obligations of a previous owner - Minas de Rio Tinto SL ("MRT"); and
(h) recently submitted the detailed reports supporting the submissions lodged in mid-2009. The reports would have been completed and submitted three months earlier but for physical obstruction by adjoining landholders. The regulatory authorities have been formally requested to enforce regulatory compliance by these parties on these and other matters.
Remaining tasks include:
> formalising the Company's rights and responsibilities over adjoining third party lands; and
> remedying the refusal to date of the Liquidation Commission of MRT, which sold PRT five years ago, to properly execute a requisite legal document.
In both cases, the Company is pursuing resolution by conciliation and direct negotiation but remains prepared to rely on the regulatory and/or judicial framework if necessary. Various scenarios are accommodated within the overall timetable.
The Company recently obtained independent valuations of adjoining landholdings required for operations, and the values of land required remains built into our cash flow forecasts. If the owners of lands required for PRT operations do not agree reasonable terms, then through the judicial process these lands can be used by PRT for mining related purposes and compulsorily acquired in due course at a court determined price likely to reflect these independent valuations.
Provided below is further information regarding the important agreement during the quarter with Tesorería General de la Seguridad Social of Spain ('Department of Social Security') for extinguishing its liens against landholdings which underlie the entire mine, minerals title area and plant site of PRT:
> The liens had been granted as a form of security interest set against the landholdings to secure the payment of the debt owed to the Department of Social Security by a previous owner - the now insolvent MRT.
> Following discussion, EMED Tartessus agreed arrangements for the repayment of the €16.9 million debt over a five-year period. This covers the unpaid social security contributions incurred by MRT and also includes interest accrued since MRT went into liquidation.
> EMED Tartessus has always been aware of the liens and factored in full repayment of this debt as part of the cost of the restart of the Rio Tinto Mine. Under the terms of the settlement, the Department of Social Security did not enforce the liens by triggering an auction, and the debt will now be repaid in full over a five year period: €1.3 million (paid in June 2010), followed by annual payments of €1.1 million, €2.9 million, €3.6 million, €4.2 million and €5.9 million.
The successful resolution of this obligation to the Department of Social Security is another important milestone in the re-opening of the Rio Tinto Mine and provides assurance that no other party can be approved by the Junta de Andalucía.
More legal prosecutions have been launched against parties improperly interfering with due process.
Reconnection of Electricity and Water
PRT's connection to the national power grid and town water supply was cut off by the authorities before EMED Mining acquired the project. Authorisation has now been received for the interim connection of PRT to both services.
These approvals are positive steps in the restart process and were made by the Junta to facilitate the continuance of safety and maintenance standards at the site during the current project planning, care & maintenance and permitting process.
Financial Outcomes of Further Technical Reviews
PRT's financial model has been updated to incorporate revised costs and other inputs flowing the recent completion of technical due diligence.
Key production parameters remain essentially the same and are:
> Ramp-up to a 9Mtpa throughput over a two-year period;
> Ore Reserve = 123Mt at 0.48% copper, containing 585,000 tonnes of copper;
> Recovery to concentrate = 85%;
> Concentrate grade averaging 22%; and
> Contained copper in concentrate averaging 37,000 tonnes per annum.
Operating costs have increased slightly and are tabulated below (life-of-mine averages).
|
| US$/lb |
| Site Operating Cash Cost | 1.06 |
| Transport, Smelting & Other | 0.31 |
| Total C1 Cash Cost | 1. 37 |
| Depreciation, Amortisation & Provisions | 0.20 |
| Total C3 Cash Cost | 1.57 |
The Capital expenditure required to restart copper production at PRT remains at approximately US$100 (€80) million but now includes the bonding required for environmental rehabilitation and employee entitlements, with a breakdown of expenditure tabulated below.
|
| €M | US$M |
| Repairs and initial plant improvements | 40 | 50 |
| Bonding for environmental and social guarantees | 26 | 33 |
| Counterparty settlements (on permitting) | 14 | 17 |
| Total | 80 | 100 |
Financial modelling of these production and cost parameters results in the following key outcomes for the 9 million tonnes per annum base case:
| At Cu price = | US$3.00/lb | US$2.50/lb |
| C3 Cost | US$1.57/lb | US$1.57/lb |
| At exchange rate = | US$1.00=€0.80 | US$1.00=€0.80 |
| Annual operating cash flow | €93M | €63M |
| Project IRR | 63% | 41% |
| Project NPV at 10% | €390M | €226M |
| Project NPV at 10% | £0.52/share* | £0.31/share* |
* On a fully diluted basis (651 million shares), with €1.00 = £0.85
The above estimates include the discharge of relevant pre-existing liens and capital expenditure and now include bonding.
PRT is forecast to generate very strong operating cash flows. It is notable that annual operating cash flows at a copper price of US$3.00/lb are forecast to be greater than the capital expenditure required to restart the operation.
Funding
The estimated funding required to start copper production at the Rio Tinto Mine aggregates to approximately US$100 (€80) million. Therefore finance facilities of US$120 million are planned, to fulfil those requirements and provide ongoing group working capital and standby capacity. Planned sources are, for the most part, loan facilities from product-customers and from banks specializing in mining finance.
Some parties are considering providing financial support for the restart in exchange for securing product off take.
The finalisation of project financing is scheduled for H1-2011.
Expansion Potential
Significant potential has been identified to expand the base-case mine life or annual production or both. Further drilling of five different areas in and around the currently planned Cerro Colorado open pit is considered to have the exploration potential to increase the resources. by up to 50% to over 300 million tonnes and could subsequently double the reserves.
An increase of this magnitude would be sufficient to support a potential expansion of throughput rates to approximately 15 million tonnes per annum.
A preliminary engineering review of the existing processing facilities indicates that sufficient crushing and grinding capacity is already in place for such an expansion. New tanks would need to be added to the flotation circuit and the tailings facilities would need to be expanded. Total capital expenditure to expand PRT from 9 to 15 million tonnes per annum is estimated to be in the order of €80 (US$100) million.
Assuming that the expanded throughput commences in 2015, financial modelling of the 15 million tonnes per annum target case indicates NPV's at 10% of €321 million (£0.43/share) at a copper price of US$2.50/lb; and €561 million (£0.75/share) at a copper price of US$3.00/lb.
Outlook
The Company has widespread support politically and administratively.
The team is expanding in line with the activities and workforce training and selection programs are being planned for the significant personnel recruitment that will be required. The collective bargain negotiating process with the labour union is underway.
The global shortage of copper underpins a strong long-term outlook for copper prices which have averaged over US$3.00/lb (€2.40/lb) in both spot and forward markets over the past two years. This compares with PRT's estimated C3 Cost to produce copper of approximately US$1.57/lb (€1.26/lb) including operating, capital and rehabilitation costs.
Significant potential has been identified to expand project life or annual production or both. Drilling programs have been planned along with project engineering to maximise the economic value-added.
SLOVAKIA
Detva Gold Project Permitting
EMED Mining is progressing towards appropriate development of its 100%-owned 1.1 million ounce gold deposit (41.7 million tonnes at 0.79g/t gold) at Biely Vrch within the Detva Gold Project.
On 21 June 2010, the State Commission for Classification of Mineral Resources approved the initial Biely Vrch Mineral Resource, having received the requisite submissions by Eastern Mediterranean Resources Slovakia s.r.o., a wholly-owned subsidiary of EMED Mining.
In parallel with progressing the required permitting studies and approvals, EMED Mining is working towards reaching various agreements with local parties directly impacted by our proposed development.
Biely Vrch Scoping Study Updated
During the quarter, AMC Consultants (UK) Ltd ("AMC") completed an updated Scoping Study which takes into account community consultation and project refinements by EMED Mining. The Company and its environmental consultants are now able to proceed with preparing the Preliminary Environmental Impact Assessment.
Aspects of the project which have been materially adjusted in the updated scoping study include:
> A new site has been selected for ore leaching and the entire site layout has been designed in detail. The preferred site and its topography will reduce impact on the community.
> Enhanced environmental protection measures have been incorporated into the design, which added to the capital cost. The total initial capital cost estimate has increased from US$45 million to approximately US$64 million.
> Operating costs have been reduced from an estimated ±US$590/ounce to ±US$530/ounce.
Geotechnical drilling is currently underway and may lead to further operating cost improvements if the planned pit slopes can be steepened in part of the designed mine. A mine design with steepened slopes would be able to access additional high grade ore by deepening the planned pit, without a significant increase in the waste material required to be mined.
The revised Scoping Study has confirmed the attractive economics of developing a mine at Biely Vrch - based on gold prices of >US$1,000/ounce (currently ~US$1,200/ounce).
Project parameters which remain essentially unchanged at this stage include:
> mining 3Mtpa of ore at a waste-to-ore ratio of 1:1;
> a recovered grade of 0.6 to 0.7g/t gold (which is a recovered grade, after mining and processing, similar to comparable gold porphyry mining operations internationally);
> producing approximately 60,000 ounces of gold per annum for 10 years; and
> planned employment of over 200 people during construction and commissioning and approximately 120 people during mining production. The Biely Vrch mine will generate expenditure in the local region of approximately US$35 million per annum;
Biely Vrch has additional drill-confirmed potential below the current Mineral Resource. This depth potential is to be evaluated further after progressing the open-cut mine towards development. Of particular interest is the relatively higher grade core of the deposit, which increases in grade with depth and remains open at depth.
Rejection of Cyanide Ban
On 1 July 2010, the European Commission announced the rejection of a proposed ban on the use of cyanide in mining activities in Europe. This decision reduces the permitting risks across the Company's projects in Europe.
The potential prohibition of cyanide use has been a concern to the European gold industry in particular and discussions were recently brought to a head by a European Parliamentary call for a general ban. EMED Mining representatives, Managing Director Harry Anagnostaras-Adams and Head of Government Relations and Managing Director of EMED Slovakia Dr Demetrios Constantinides, advised on the consultation process as part of industry committees organised by the European Association of Mining Industries ("Euromines").
The Company continues to work in support of the European Raw Minerals Initiative of the European Union to promote and facilitate Europe's access to minerals and the resurgence of the mining industry in Europe. There is growing recognition that the continued availability of raw materials is vital to the future of the European economy and that minerals are essential to every industry and every aspect of life.
Exploration in Central Slovakia
Following completion of a geotechnical drilling program at Biely Vrch, exploration drilling commenced at the Company's 100%-owned Banska Stiavnica and Hodrusa exploration licences in central Slovakia.
The drilling program is designed to test for gold mineralisation at the Bursa, Quartzlager and Mohr Shaft Prospects located to the north and northeast of the small-scale Rozalia Mine, which exploits flat, high-grade, gold-bearing quartz veins using traditional hand-held mining methods.
EMED Mining is testing for epithermal gold mineralisation and wide zones of Rozalia-style gold mineralisation that may be amenable to larger scale, bulk underground mining methods. Priority drilling targets have been identified following a review of data from the extensive historical mining in this prolific district as well as data from recent drilling at the Rozalia Mine. EMED Mining has an informal alliance with the owners of the Rozalia Mine, located on a small mining licence within the Company's Hodrusa licence area.
Gold potential is to be tested as follows:
> near-surface epithermal gold potential at the Bursa Prospect;
> near-surface Rozalia-style gold mineralisation at the Quartzlager Prospect; and
> a 500m-wide prospective zone at the Mohr Shaft Prospect that has been identified by structural analysis and a positive gold-silver ratio indicative of Rozalia-style gold mineralisation.
The Banska Stiavnica-Hodrusa exploration licences are located 38km west of the Detva Gold Project and cover an area of 188km2. This region is a prolific mining district that has historically yielded over 120 million ounces of silver and 3 million ounces of gold.
GEORGIA
Following an internal assessment of project risk, the Company suspended its activities in Georgia prior to the military hostilities which occurred in August 2008.
Prior to resuming exploration activities, EMED Mining requested confirmation of regulatory conditions and the boundaries of the Company's exploration licence from the Georgian Government.
The continuing administrative process may or may not lead to the licence being reissued and therefore the Company may withdraw from Georgia.
KEFI MINERALS (24%- OWNED BY EMED MINING)(29%-owned) - Separately listed on AIM
KEFI Minerals is the operator of an exploration joint venture in Turkey with Centerra Gold Inc of Canada and in Saudi Arabia with local construction and investment group ARTAR.
CORPORATE
Dual Listing on Toronto Stock Exchange ("TSX")
EMED Mining is currently listed on AIM, the London Stock Exchange market for international growth companies. As previously flagged, the Company was considering a dual-listing of the Company's securities on a main mining board such as the ASX or TSX.
Much of EMED Mining's £8.8 million equity raising completed in April was placed with Canadian institutions, that were familiar with the revival of base metal mining in the Iberian Pyrite Belt and had a ready appreciation of the opportunity presented by the Rio Tinto Mine.
EMED Mining has decided to dual list on the Toronto Stock Exchange and has appointed Canaccord Genuity as lead-broker in Canada. The listing is planned to take place during Q4-2010.
New Non-Executive Director
Mr Roger Owen Davey was appointed as a Non-Executive Director of the Company during the quarter. Mr Davey is a Chartered Engineer with over thirty years experience in the mining industry, spanning roles in project development, operation and financing.
Major Shareholders
The EMED Mining ownership structure is dominated by a group of international mining industry specialists in mine development, operation and marketing. The following parties hold, between them, 67% of the fully-diluted capital:
> Resource Capital Funds ("RCF") - a large development equity fund based in Australia and the USA which invests exclusively in the mining industry;
> RMB Holdings - a mining financier and banker based in Australia, South Africa, UK and USA;
> MRI Group - an international metal trading group based in Switzerland and China;
> OZ Minerals - a leading Australian copper and gold mining company which introduced EMED Mining to the Rio Tinto Mine opportunity; and
> Directors and Management - specialists who moved to Europe from Australia and the Americas in order to establish EMED Mining and its projects.
Other substantial shareholders include institutions such as Standard Life and RBC Asset Management.
COMPETENT PERSONS FOR REPORTING OF RESOURCES AND RESERVES
Information in this report as regards the Rio Tinto Mine that relates to Mineral Resource estimates is based on information compiled by Mr. Pat Stephenson, BSc (Geology) and Mr. Ron Cunneen, BSc (Geology), Mr. Stephenson taking responsibility for the Mineral Resource estimates and Mr. Cunneen taking responsibility for the data on which the estimates are based. Mr Stephenson is Regional Manager, Vancouver and Principal Geologist with AMC Mining Consultants (Canada) Ltd and a full-time employee of that company. He is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr. Cunneen is Head of Exploration for EMED Mining and a full-time employee of that company. He is a Member of The Australian Institute of Geoscientists. Mr. Stephenson and Mr Cunneen have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking to qualify as Competent Persons as defined in the JORC Code.
Information in this report as regards the Rio Tinto Mine that relates to Ore Reserve estimates is based on information compiled by Mr. Andy Robb, BSc (Mining Engineering). Mr. Robb is Principal Mining Consultant with AMC Consultants and a full-time employee of that company. He is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code.
References in this report as regards the Mineral Resources or exploration results and potential in Slovakia, Cyprus or elsewhere have been approved for release by Mr. Ron Cunneen.
CORPORATE DIRECTORY
| Directors | Non-Executive Chairman - Ronnie Beevor Managing Director - Harry Anagnostaras-Adams Finance Director - John Leach Non-Executive Directors - Ross Bhappu, Roger Davey, Ashwath Mehra, Gordon Toll |
| Nominated Adviser | RFC Corporate Finance - Stuart Laing (+61 8 9480 2500) |
| Broker | Fox-Davies Capital Limited - Daniel Fox-Davies (+44 207 936 5230) |
| Public Relations | Bishopsgate Communications - Michael Kinirons (+44 207 5623350) |
| Share Registrar | Computershare Investor Services Plc |
| Issued Capital | 425 million shares on issue 73 million options on issue, with exercise prices ranging from 4.1p to 22p. 651 million shares on issue on a fully-diluted based on the assumption that convertible loans principal and interest paid with the issuance of shares. |
| Significant Shareholders (fully diluted)
| > 14% Management and Board (mainly Australian citizens) > 25% Resource Capital Funds (Australia and USA) > 8% RMB Australia Holdings Limited (Australia and elsewhere) > 5% MRI Group (Switzerland) > 4% OZ Minerals (Australia) |
EMED Mining is listed on AIM (Code: EMED)
Enquiries:
Investors/Media: Harry Anagnostaras-Adams +357 99457843, Roger Howe +61 405 419 139
General: Cyprus office: +357 2244 2705, Email: info@emed-mining.com