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....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.