NICOSIA, Cyprus, June 13, 2012 /CNW Telbec/ - (AIM: EMED) (TSX: EMD)
The following statement was made at today's Annual General Meeting by
EMED Mining's Chairman Ronnie Beevor:
I am delighted to welcome you all to the 2012 Annual General Meeting of
the Company here in Minas de Riotinto - where you can see the potential
first hand of our unique copper project at the Rio Tinto Copper Mine.
First, let me introduce myself and the other Directors of EMED Mining
who are all present here today:
I am Ronnie Beevor, Non-Executive Chairman of the Company
Harry Anagnostaras-Adams is the Company's Managing Director;
John Leach is the Company's Finance Director; and
Non-executive Directors Jasper Bertisen, Roger Davey, Bob Francis,
Ashwath Mehra and Jose Sierra.
The Directors here represent around 32% of the fully-diluted capital of
For shareholders unable to attend today, we will conduct an on-line
investor briefing by the Managing Director on 18 June 2012 at 15.00 BST
(10am Toronto time), which will be broadcast live via video conference.
To participate in the briefing, during which participants can email
questions, attendees should go to www.presentation-matters.co.uk/emed.
My address and the Managing Director's presentation to today's meeting
are now available on the Company's website.
During the past 12 months EMED Mining has continued to implement its
business plan. Our priority continues to be the restart of production
at the Cerro Colorado open pit of the Rio Tinto Copper Mine, which is
the first of our planned operations here and which we expect to
continue for more than 20 years.
We continue to collaborate closely with our suppliers and advisers, the
regulatory authorities of the Government of Andalucía and the project
financiers with a view to triggering the Rio Tinto Copper Mine by the
end of 2012. On this front, following Minister Avila's confirmation in
early 2011 that the Government of Andalucia had received the necessary
documents from the legal due diligence viewpoint for administrative
approval of the Company's mineral rights, its regulatory authorities
proceeded to process the Company's submissions in respect of all the
technical, both environmental and operational, and economic aspects.
Our project has been particularly challenging for our Company. We have
had to spend five years and €50 million removing legal and financial
complexities, carrying out care & maintenance, protecting public safety
and formulating plans which are appropriate for the twenty first
century. We must also highlight that our project has also been
particularly challenging for the Junta de Andalucia. EMED Mining
greatly appreciates the contribution of the Junta de Andalucia to
ensure that the project is not just acceptable as regards its legal
structure, but that it also complies with the requirements of today in
every respect environmentally, operationally, economically and
As regards the environmental aspects, following informal and conditional
agreements with the Government of Andalucia in early 2012, we have
since updated and resubmitted the environmental plans for the project
and have now agreed to make them available for public viewing and paid
the associated administrative fees. After taking into account the
public review results, a key next step for us will be to agree the
financial bonding for the Company's proposed undertakings in respect of
the environment and personnel entitlements.
As regards the operational aspects, the Company has lodged all documents
and reports that have been requested to date. The relevant sections
have been referred by the Government of Andalucia to the national
technical review institutes. The review agencies have met with our
teams and commenced site visits and we are awaiting feedback. We will
update documentation if and where necessary.
The Company will continue to serve the needs of the regulatory
authorities and review agencies to ensure full compliance with all
requirements so that the Government is in a position to consider
approvals of the environmental management and restoration plan,
administrative standing of the Company's mineral rights and the
conditional approval of the project operational plans subject obviously
to lodgement of the financial bonds and satisfaction of the operating
licensing process as project works proceed.
We continue to ensure that, once regulatory approvals permit, we can
recommence the mine as early as possible. With that in mind, and in
respect of the financial aspects of the plans, we are proud that our
Company represents such a strong group of shareholders which includes
global leaders in investment institutions specialising in the mining
sector. We are also proud to represent some 2,000 individual
shareholders around the world, including from Spain. And of course it
is notable that we have already agreed in principle $175m financing
arrangements with Goldman Sachs International in addition to the $30m
agreement with Chinese firm Xiangguang International Holdings Limited -
which included a $15m private placement, a $15m overrun facility and an
offtake agreement. Goldman Sachs has appointed its technical experts
and its legal advisers have commenced drafting detailed documentation.
We will then be ready to formalise the financing arrangements as soon
as the project is finalised with the regulatory authorities.
At the Rio Tinto site we have mobilised a construction management team
and have commenced the detailed engineering for the refurbishment and
modernization programmes. In addition, we have commenced project
execution planning so that the re-start can be implemented, as soon as
the project approval is received from the regulatory authorities. Our
human resources department has a large database of applicants for
training and potential recruitment which we look forward to commencing
as soon as it is appropriate in consultation with all the relevant
We have also established the EMED Tartessus Foundation which is focused
purely on the economic diversification of the Cuenca Minera of
Andalucia, with enterprises which are sustainable for the long term and
in consultation with the community and authorities.
A task which can materially affect the timetable is the completion of
arrangements for full permanent access to lands required for deposition
of waste material and the associated environmental safety, management
and restoration plans. Much of this land is owned by third parties. We
are pleased that commercial negotiations are progressing and we strive
to overcome historical tensions and achieve effective collaboration.
The judiciary has also this month re-affirmed our authority for
maintenance of the tailings dams.
The Board and Management are naturally fully committed to achieving the
Company's business plan and to responsibly generating economic value
for shareholders and other stakeholders for the long term. Our world
today is experiencing troubled times indeed - in the financial markets
and in many parts of the real economy, especially in Europe and
including right here in the Cuenca Minera of Andalucia. Our Rio Tinto
Mine is potentially an important engine for economic recovery and it
will be our Company's honour to have the responsibility and opportunity
to develop and operate the mine for the long term.
We greatly appreciate the support of the communities here whom we are
fully committed to serving for the long term. And in the financial
markets, the positive sentiment towards this project is highlighted by
the fact that, excluding companies that have been taken over, EMED
Mining's share price has been in the top quartile of performance of the
forty two copper companies dual-listed on the TSX since we listed there
In Slovakia, the Company is intensifying consultations with the affected
communities, carrying out studies for regulatory permitting and
continuing negotiations with local parties - to progress our plans to
develop our 100% owned Detva Gold Project.
We maintain close consultation with the newly formed government in
Slovakia, its administration and with the local communities with a view
to being designated a Mining Lease Area, a step which is required so
that we can commence bulk sampling and other activities within the
planned pre-feasibility study. We then trigger the final feasibility
study, including environmental management and restoration plans for
formal consideration by the local community and regulators.
With that in mind in Slovakia and with the aim of increasing community
understanding and consultation at this early stage of assessing project
alternatives and feasibility, we have voluntarily agreed to prepare two
reports on the Detva Gold Project: a Preliminary Social Impact Study
and a Preliminary Techno-Economic Study.
Our Detva Gold Project is of recognised regional and national
importance. We have already invested a total of €10M in Slovakia and
the Slovakian Government is completely supportive of the initiatives we
have proposed, subject to all compliance requirements.
We are also working with the neighbouring landholders in Slovakia, with
a view to reaching mutually satisfactory commercial arrangements. So
far, as announced in May, we have signed a Collaboration and Option
Agreement with a factory facility adjacent to our Biely Vrch deposit.
In Cyprus, EMED Mining continues to assess its large geological database
of historical copper mining properties which has resulted in the
identification of a number of new targets. Discussions are progressing
with stakeholders over the entire island in a manner appropriate to the
current re-unification efforts. Exploration activities are at a
reconnaissance level, aimed at identifying targets large enough to
warrant drilling after Rio Tinto starts up.
I would like to thank the Government of Andalucía and local
municipalities for their continued support of our plans to re-start
copper production at Rio Tinto, as well as the authorities we have been
liaising with in Slovakia and in Cyprus.
Finally, I greatly appreciate the support of all of our shareholders,
all of our personnel and all of our families. I look forward to EMED
Mining's next phase of starting production.
+357 9945 7843
+61 8 9480 2500
+44 203 463 5022
Fairfax I.S. PLC
Ewan Leggat/Katy Birkin
+44 207 598 5368
+44 207 562 3350
+1 416 577 9927
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv
Note re US Securities
The ordinary shares of the Company have not been and will not be
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in
the United States absent registration or an available exemption from
the registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. No securities commission has approved or
disapproved the contents of this press release.
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
The Company is committed to responsible development of metal production
in Europe, with a focus on copper, gold and critical raw materials.
The Company'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.
EMED Mining is focused on two key projects in Spain and Slovakia:
Copper in Spain: The Company's priority is to progress the planning and
permitting process required to commence production from its
wholly-owned Rio Tinto Copper Mine. Located 65km northwest of Sevilla
in Andalucía, the open-pit mine, processing plant and waste disposal
facilities has been on care and maintenance since 2001.
Gold in Slovakia: EMED Mining discovered the Biely Vrch porphyry gold
deposit and is currently advancing the planning and permitting
necessary for development.
EMED Mining has the following other notable earlier-stage activities:
Exploration licences in the copper-mining districts of Cyprus; and
A 16% shareholding in KEFI Minerals Plc which operates exploration joint
ventures in the Kingdom of Saudi Arabia.
SOURCE EMED MINING PUBLIC LIMITED
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