Emed deal moves it closer to restart of Spain's Rio Tinto copper mine

Jul 09, 2012 | 12:00 PM |

Emed Mining has signed a deal with Rumbo 5-Cero, part of an Andalucían investment group, for the €10 million ($12.2 million) purchase of land, covering part of the tailings dams, adjoining the Rio Tinto copper mine. The acquisition of the land was required for the restart of production at the Rio Tinto mine, in southern Spain, and meets almost all the project’s needs for tailings deposition from the proposed operations, EMED said on Monday, July 9. The company also plans to enter into a 50/50 joint venture with Rumbo, of which Emed Mining will be the operator, to test and possibly exploit tailings and waste dumps. These arrangements with Rumbo are a significant step forward in the proposed development of the mine, as ownership of and access to the land had been a major obstacle to the restart of the copper mine Major Emed shareholder and cornerstone customer Yanggu Xiangguang Copper (XGC) has also conditionally agreed to subscribe for 32.2....