NICOSIA, Cyprus, March 27, 2012 /CNW Telbec/ - EMED Mining Public Limited (AIM: EMED) (TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces its audited results for the year ended 31 December 2011.
The full audited report (as required by Toronto Stock Exchange), including consolidated Financial Statements and the Management Discussion and Analysis relating to the Company are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.emed-mining.com .
Highlights for 2011
- The Government of Andalucía made policy statements that confirm support of the Company's plans to restart the Rio Tinto Copper Mine as soon as possible, including that it wants the project triggered by Q3 2012. Supportive public statements include that it is satisfied with the Company's constructive approach to resolving outstanding issues, and with its legal, technical and economic competences. Steps taken by the Government of Andalucia since January 2011 include:
- In January 2011, its Department of Culture and Heritage formally approved project documentation.
- In July 2011, its Departments of Industry and Environment requested revisions to documentation, notably the environmental management plans, to incorporate an enlarged land footprint and other important requests.
- In April and August 2011 and in February 2012, it reaffirmed the Company's control of the tailings dams.
- In January 2012, it conditionally agreed additional project and environmental plans.
- In January 2012, it referred the project documentsfor review by the national technical agencies.
- An agreement was executed with project vendor MRI Investment AG (since renamed Astor Holdings)), giving EMED rights to a number of mineral concessions adjacent to the Rio Tinto Copper Mine site.
- In Slovakia, the Company continued required permitting studies and negotiations with local parties, progressing its plans to develop the Biely Vrch gold deposit.
- Dr. Jose Sierra Lopez, former Director for Energy in the European Commission, and Mr Robert Francis, former senior partner of Deloitte & Touche in Toronto, joined the Company as non-executive Directors.
- In December 2011, major shareholders Resource Capital Funds ("RCF") and RMB Australia Holdings ("RMB") exercised their right to convert into ordinary shares the Convertible Loan amounts owed to them by EMED Mining.
Post Period Events, other than any forementioned
- In March 2012, the Company entered into agreements with a cornerstone customer Yanggu Xiangguang Copper Co. Ltd ("XGC"), including XGC's provision of US$15 million for 10% fully-diluted ordinary equity in the Company and XGC undertaking to provide or arrange a US$15 million subordinated debt facility as required by the providers of senior debt finance for the restart of the Rio Tinto Copper Mine.
- In March 2012, the Company mandated Goldman Sachs International on an exclusive basis to provide and/or arrange up to US$175 million of finance for the restart of the Rio Tinto Copper Mine.
- In March 2012, the Andalucian election was held. All major political parties had announced policies committing to a rapid processing of the Company's applications for restarting of Rio Tinto Copper Mine.
- Mr Jasper Bertisen, a principal with significant Company shareholder RCF Management LLC, was appointed as a non-executive director of the Company, replacing colleague Dr Ross Bhappu.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"We made much progress during the period in planning the restart of the Rio Tinto Copper Mine and its associated regulatory permitting, which seems to be heading for finalisation by Q3-2012.
"The only significant hurdle remaining now appears to be accessing project lands not already owned by the EMED Mining group. We therefore collaborate intensely with the regulatory authorities and strive for the earliest qualification for one particular permit, Administrative Standing, which provides the regulatory basis to resolve these land issues.
For further information:
Investors/Media: Harry Anagnostaras-Adams +357 9945 7843
Renmark Financial Communications Inc.
Peter Mahzari: [email protected]
Laurence A. Lachance: [email protected]
Media - Guy Hurd: [email protected]
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