EMED Mining Public Ltd. - Final Results for the 12 Months Ended 31 December 2014
08.05.2015 | Marketwired
NICOSIA, CYPRUS -- (Marketwired - May 8, 2015) - EMED Mining Public Ltd. (AIM: EMED) (TSX: EMD), the Europe-based minerals development and exploration company, announces its audited results for the year ended 31 December 2014.The full audited report (as required by Toronto Stock Exchange), including consolidated Financial Statements, is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.emed-mining.com.
Operational Highlights
- EMED rapidly progressed site development.
- The Company completed selection and hiring of operational personnel. In total, there are currently over 250 EMED employees and over 250 contractors on site.
- The Company initiated a detailed review of options to expand production with the goal of maximizing use of existing infrastructure.
- Ongoing infill drilling campaigns with over 10,000 m drilled to date targeting a significant increase in open pittable reserves.
- On 11 April 2014, the President of the Government of Andalucía authorised the transfer of the Riotinto Mineral Rights thus granting Administrative Standing (AS) for the project. This followed the receipt of the Unified Environmental Authorisation ("AAU") on 28 March 2014.
- Ronnie Beevor, Isaac Querub, Ashwath Mehra and Bob Francis resigned from the Board. Roger Davey was appointed Chairman and Alberto Lavandeira was appointed Managing Director and CEO of the Company.
Financing Highlights
- On 24 December 2014, the Company agreed to a Loan for up to US$30 million with Trafigura Beheer BV ("Trafigura"), Orion Mine Finance (Master) Fund I LP ("Orion") and Hong Kong Xiangguang International Holdings Limited ("Hong Kong Xiangguang"), an affiliate of Yanggu Xiangguang Copper Co. Limited ("XGC").
- In June 2014, the Government of Andalucía announced the awarding of an EUR 8.8 million grant to EMED Tartessus, in order to support the modernisation of Proyecto Riotinto facilities.
- On 15 August 2014, the Company completed a £13.1 million subscription with two cornerstone investors, XGC and Orion. The investors provided additional financing to the Company by way of the issue of in aggregate 181,200,000 new ordinary shares of 0.25 pence of the Company at 7.25 pence per share.
- Potential start-up capital expenditure savings for Phase 1 in the order of US$50M identified.
To view the full announcement, please click on the following link.
http://www.rns-pdf.londonstockexchange.com/rns/7079M_1-2015-5-8.pdf
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