NICOSIA, Cyprus, April 3, 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 today the following operational update for the three-month period ended 31 March 2012. The full Quarterly Report, including consolidated Financial Statements and the Management Discussion and Analysis, will issue on or before 14 May 2012.
Managing Director Mr Anagnostaras-Adams will conduct an on-line investor briefing at 15:00 BST (10:00 am Toronto time) on 05 April 2012, 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
- The Andalucian regional election was held and all major political parties announced policies committing to full permitting targeted for Q3-12 and the earliest possible re-start of Rio Tinto Copper Mine.
- The Andalucian Government:
- informally resolved the environmental and technical conditions required to be met for the re-start of the Rio Tinto Copper Mine and the Company proceeded to re-submit an updated environmental management plan (the "AAU") in accordance with European Union regulations;
- referred the project documents for review by the national technical review agencies; and
- formally re-affirmed the Company's control of the tailings dams, following its directives in 2011.
- The Company mandated Goldman Sachs International on an exclusive basis to provide financing of up to US$175 million for the re-start of the Rio Tinto Copper Mine by way of an agreement to pre-purchase copper to be delivered over seven years at market prices prevailing at the time of initial drawdown.
- The Company entered into arrangements with Xiangguang International Holdings Limited, including a US$15 million private placement for 10% of the fully-diluted ordinary capital of EMED Mining, indicative terms for a US$15 million cost overrun support facility, and a copper product offtake agreement for 25% of the Rio Tinto Copper Mine's production based on current copper reserves.
- The Company continued legal proceedings against neighbouring landowners at Rio Tinto who obstruct maintenance of tailings dams with consequential risks to public safety.
- Major shareholders Resource Capital Fund IV L.P ("RCF") and RMB Australia Holdings Limited ("RMB") exercised their right to convert into ordinary shares all amounts owed to them by the Company.
- Mr. Jasper Bertisen was appointed as a non-executive director of the Company, replacing Dr. Ross Bhappu, as the RCF nominee to the Company's board of directors.
- The Company re-initiated its Detva Gold Project mining lease application, after the elections in Slovakia in March.
- The Company's Management Discussion and Analysis, Final Results and Financial Statements for the year ended 2011 were released on 27 March 2012.
- The Company's Annual Information Form was filed on SEDAR on 30 March 2012.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"We have made very good progress on all key fronts: permitting, project planning and financing.
"The significant hurdle remaining at the Rio Tinto Copper Mine is accessing project lands not already owned by the EMED Mining group.
"We continue to collaborate intensely with the regulatory authorities and to strive for the earliest qualification for one particular permit, Administrative Standing, which provides the regulatory basis to resolve such land issues. Once we achieve that, we should be able to establish the target date for initial production, currently set for Q3-2013."
|Directors|| Non-Executive Chairman - Ronnie Beevor
Managing Director - Harry Anagnostaras-Adams
Finance Director - John Leach
Non-Executive Directors - Jasper Bertisen, Roger Davey, Robert Francis, Ashwath Mehra, Jose Sierra Lopez
|Nominated Adviser||RFC Corporate Finance - Stuart Laing (+61 8 9480 2500)|
|Brokers|| Fox-Davies Capital Limited - Simon Leathers (+44 203 463 5022)
Fairfax I.S. PLC - Ewan Leggat/Katy Birkin (+44 207 598 5368)
Canaccord Genuity - Craig Warren (+1 416 869 7316)
|Public Relations||Bishopsgate Communications - Nick Rome (+44 207 562 3366)|
|Share Registrar||Computershare Investor Services|
|Issued Capital|| 966 million shares on issue
86 million options and warrants on issue
1,051 million shares on issue on a fully-diluted basis
| Significant Shareholders
| > 7% Management and Board (excluding companies they represent)
> 16% Resource Capital Funds (USA and Australia)
> 10% Xiangguang International Holdings (China)
> 9% RBC Asset Management (Canada)
> 6% RMB Australia Holdings Limited (Australia and elsewhere)
> 3% Astor Holdings AG formerly MRI Group, (Switzerland)
> 3% Standard Life (United Kingdom)
EMED Mining is listed on AIM (Code: EMED) and the TSX (Code:EMD)
For further information:
Harry Anagnostaras-Adams +357 9945 7843
In North America : Andreas Curkovic +1 416-577-9927
General: Email: [email protected]
Renmark Financial Communications Inc.
Peter Mahzari: [email protected]
Laurence Lachance: [email protected]
Media - Guy Hurd: [email protected]
Tel.: (514) 939-3989 or (416) 644-2020