NICOSIA, Cyprus, June 16, 2011 /CNW Telbec/ - The following statement
was made at today's Annual General Meeting by EMED Mining's Chairman
Ronnie Beevor -
Chairman Ronnie Beevor's Address at 2011 Annual General Meeting
I am delighted to welcome you all to the 2011 Annual General Meeting of
the Company here in Toronto.
First, let me introduce the other Directors of EMED Mining who are
present here today:
Harry Anagnostaras-Adams is the Company's Managing Director;
John Leach is the Company's Finance Director; and
Non-executive Directors Ross Bhappu, Roger Davey and Ashwath Mehra.
The Directors here represent around 30% of the fully-diluted capital of
For shareholders unable to attend today, we have also invited
shareholders to a briefing in London on 27th June 2011. The Managing Director's presentation to today's meeting is
available on the Company's website.
EMED Mining completed its IPO on the TSX in December 2010, and
concurrently raised $35 million via an equity placing. We are pleased
to be holding this AGM here in Toronto for the first time.
During the past 12 months EMED Mining has continued to implement its
business plan. Our major priority is the restart of open pit production
at the Rio Tinto Copper Mine. We have also recently announced a second
development project at Rio Tinto, focusing on one of the underground
deposits - this first one being called San Dionisio. After Rio Tinto,
our most significant project is the Biely Vrch gold deposit in
In the past few months we have made significant breakthroughs in the
permitting of Rio Tinto, with the Government confirming that the
project's legal legacy issues have now been overcome and also setting
conditions for permitting. Having responded to these conditions, the
Department of Culture and Heritage has now issued its formal approval
for the Company's plans to restart Rio Tinto.
We are now in active discussions with the Government of Andalucia and
the two remaining principal regulatory authorities of the Andalucían
Government - the Department of Environment, which includes the Water
Authority, and the Department of Industry. The recent election results
have also reinforced to all political parties in Andalucia the
potential value that the Rio Tinto restart offers towards reducing
The Company has three key priorities for 2011: permitting Rio Tinto's
restart; completing engineering for tender documentation for the
restart works; and arranging project finance. Subject to the timely
receipt of permits this year and the Government facilitating access to
all project lands in early 2012, we can be commissioning the restart of
Rio Tinto by late 2012.
We are concurrently working on the initial permitting of the Biely Vrch
gold deposit and drill-testing the gold mineralisation below the
initially designed open pit.
EMED Mining has a huge metal inventory on its properties in Spain and
Slovakia. Between them, these projects offer the potential for multiple
increases in value. It is indeed a great set of opportunities to create
wealth for all stakeholders - which your Company will always strive to
do in the most socially responsible manner, respecting the needs of
future generations both environmentally and economically. EMED Mining
is at the forefront of the mining industry's resurrection in Europe.
EMED Mining plans to bring the Rio Tinto Copper Mine up to the high
standards of a 21st century operation and to optimise its long-term
viability by ensuring that work practices will accord with
international standards and best practices.
Our excellent team continues to work tirelessly with the authorities,
the labor unions and local communities in the Cuenca Minera region. Our
team now includes specialists from Spain, Slovakia, Cyprus, Australia
and the Americas with most of our personnel now being Spanish citizens
and based at Rio Tinto.
The outlook for copper and gold prices is strong. Mr Tom Albanese, CEO
of Rio Tinto plc, said at his recent AGM "…over the next 30 years it is
projected that the world will consume as much copper as it has over the
last 10,000 years."
I would like to thank the Government of Andalucía and local
municipalities for their now formalised support of our plans to restart
copper production at Rio Tinto.
Finally, I greatly appreciate the support of all of our shareholders,
all of our personnel and all of our families, and look forward to EMED
Mining's next phase of starting production.
SOURCE EMED MINING PUBLIC LIMITED
For further information:
| || EMED Mining || Harry Anagnostaras-Adams || +357 9945 7843 |
| || RFC Corporate Finance || Stuart Laing || +61 8 9480 2500 |
| || Fox-Davies Capital || Simon Leathers || +44 203 463 5022 |
| || Fairfax I.S. PLC || Ewan Leggat/Katy Birkin || +44 207 598 5368 |
| || Bishopsgate Communications || Michael Kinirons || +44 207 562 3350 |
| || Proconsul Capital || Andreas Curkovic || +1 416 577 992 |
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