16th Sep 2013 10:39
LONDON (Alliance News) - EMED Mining Public Limited Monday said the Spanish government has re-affirmed the feasibility of issuing permits regarding the restart of the Rio Tinto copper project.
The Europe-based minerals development and exploration company said the affirmation means two principle permits which allow site preparations for the restart to begin, the Environmental Plan and Administrative Standing, are expected to be issued at the end of 2013.
EMED said a 30-day public comment period started September 14 regarding its Environmental Plan, and the company believes it is in the final stages before the restart is to be authorised.
The Rio Tinto copper mine's modern history dates back 1871 when the Spanish government sold it to a British firm that later became the global mining giant Rio Tinto PLC.
Rio Tinto sold Andalusian mine in the 1980s. By 2001 under operation by a workers' collective, it was mothballed. EMED took an option over the project six years later and then acquired 100% ownership.
"The progress as we move closer to restarting the Project is encouraging on all fronts - permitting, finance and project preparations. We look forward to further updating shareholders in due course," Chief Executive Harry Anagnostaras-Adams said in a statement.
EMED shares were up 0.72 pence, or 11% to 7.22 pence, putting it among the top-10 AIM movers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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