8th May 2015 16:31
LONDON (Alliance News) - EMED Mining Public Ltd late Friday posted a narrowed pretax loss for 2014, and said it plans to enter into a binding agreement by mid-May on long-term financing with its three largest shareholders for the continued development of the Rio Tinto copper project in Spain.
The company posted a pretax loss of EUR11,230 for 2014, narrowed from a loss of EUR12,509 a year before, as gains from the sale of investments offset a rise in care and maintenance expenses.
The Europe-based minerals development and exploration company agreed non-binding terms with Trafigura Beheer BV, Orion Mine Finance (Master) Fund I LP and Hong Kong Xiangguang International Holdings Ltd, an affiliate of Yanggu Xiangguang Copper Co Ltd, about a long-term financing package for the project on Tuesday.
EMED said it continued to focus on the restarting of the mines at the Rio Tinto project. It has completed the selection and hiring of operational personnel, and infill drilling campaigns are in progress.
It was granted a mining permit and approval of its rehabilitation plan during the first quarter of 2015. It has submitted an application for a license to initiate mining activities in March.
Shares in EMED closed at 5.00 pence Friday, unchanged.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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