27th Mar 2014 15:21
LONDON (Alliance News) - Europe based mineral development and exploration company EMED Mining Public Ltd posted a widened pretax loss in 2013, due to costs relating to the conversion of a convertible note and higher administrative expenses.
The company posted a pretax loss of EUR12.5 million, widened from a pretax loss of EUR12.0 million in 2012, as administrative expenses rose and it posted EUR2.5 million in finance costs relating to a convertible note, offsetting lower exploration, care and maintenance expenses.
EMED said that its near-term priority is to safely and efficiently start production at the Rio Tinto Copper project, formerly owned by Rio Tinto PLC in Spain, starting with the Cerro Colorado Open Pit Mine. The project as ore reserves totalling 606,000 tonnes of contained copper and a large processing facility that has been on care and maintenance since 2001.
EMED said that preliminary research shows the potential to expand mineral resources and ore reserves at the Cerro pit mine.
It will begin a feasibility study to asses the potential to recover a significant amount of precious metals in the tailings deposit, it said.
Emed is moving towards the dissolution of its non-strategic subsidiaries in Georgia and Greece, it said.
Following the year end, EMED appointed Isaac Querub as chief executive officer of the company and vice president of its subsidiary EMED Tartessus March 20. It also appointed Alberto Lavandeira as chief operating officer of the company and Chief Executive of EMED Tartessus, starting April 14.
Shares in EMED were trading flat at 9.50 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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