21st Oct 2008 07:00
AIM: EMED 21 October 2008
APPOINTMENT OF DIRECTOR
Further to its previous announcement in relation to the restructure of the Rio Tinto Mine acquisition arrangements with the MRI Group, EMED Mining Public Limited ("EMED Mining" or "the Company") is pleased to announce that the Chief Executive Officer of the MRI Group, Ashwath Mehra, has now been formally appointed to the Company's Board of Directors as a Non-Executive Director. As set out in recent announcements, MRI Group now holds 13.1% of the issued ordinary share capital of the Company.
Mr Mehra (Age 43) holds a BSc (Econ) from the London School of Economics and is currently the CEO of the MRI Group, which consists of Marc Rich + Co. Investment A.G. and its various subsidiaries. The MRI Group is a commodities trading group with annual turnover of over US$3 billion. He has worked in the minerals industry for 22 years, starting his career with Philipp Brothers after which he spent 10 years with Glencore, where he was a senior partner and ran the Nickel and Cobalt Divisions. He has substantial experience in mineral projects and project finance.
In the past 5 years, Mr Mehra holds or has held the following positions where he was acting in the capacity of a director:
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Current Directorships |
Past Directorships |
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Marc Rich + Co. Investment A.G. |
none |
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MRI Resources AG |
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MRI Trading AG |
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MRI Investment AG |
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MRI Resources South Africa AG |
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Andina Trade SAC |
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Janus AG |
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Mimeco AG |
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Pulchra AG |
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Shorthorn AG |
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ERIG/MRI Private Equity Investments AG |
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Northern Iron Ltd |
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HBM Biopharma India |
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Shamika Resources Inc |
Save for the interest of MRI Group referred to above, Mr Mehra has no interest in the Company's ordinary share capital. There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.
Enquiries
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EMED Mining |
Fox-Davies Capital |
RFC Corporate Finance |
Bishopsgate Communications |
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Harry Anagnostaras-Adams |
Richard Hail |
Stuart Laing |
Nick Rome |
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+357 9945 7843 |
+44 (0)207 936 5230 |
+618 9480 2500 |
+44 (0)207 562 3350 |
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on AIM in May 2005 following a placing of its shares, and its share market capitalisation has since grown from approximately £4 million to approximately £29 million. The Company is based in Cyprus and has a strong commitment to responsible development of metal production operations in Europe, with an initial focus on copper and gold.
The Group's region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through implementation of European Union and other leading-edge international standards. The Company strictly implements its Environmental & Community Policy which includes:
Integrating environmental management into our business, planning and reporting processes.
Promoting a strong environmental ethic throughout the Company and the community.
Complying with, as a minimum, all applicable local and European Union laws and regulations.
Communicating with community stakeholders in a responsible and transparent manner.
EMED Mining has now established a strong position in the following selected zones:
Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open-pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The Company has announced gold discoveries at Biely Vrch, Kralova and Slatinske Lazy in Slovakia.
The mines in Cyprus and at Rio Tinto in Spain, located in the Iberian Pyrite Belt, which is probably among the best known in the world for its mineral endowment. EMED Mining's goal is to restart copper production at its projects in both of these well-endowed, historical mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and production techniques are similar in both mining districts.
Exploration areas in Turkey were vended into 32%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. See www.kefi-minerals.com.
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv
Related Shares:
Atalaya Mining