Following CityUnslickers post this Saturday with a Trading Buy Call on Emed Mining, news this morning seems to underscore his stance with a small capital rasing of $5m at 10p per share to part fund the purchase of land which adjoins the Rio Tinto copper mine they are looking to restart mining operations at. A 50/50 JV has been entered into with the same investment group to test and exploit “tailing and waste dumps”
Harry Anagnostaras-Adams, Managing Director, said: “The agreement with Rumbo is a major step forward for the planned restart of the Mine. It not only facilitates ownership of over 95% of the project lands, but also establishes a long term commercial alliance with an important Andalucían business group.”
“The concurrent support from our shareholders is greatly appreciated and we are pleased to welcome an even closer relationship with major Chinese copper smelter group XGC who now also intends to appoint a representative to our Board of Directors.”
“We are delighted with the continued progress on all fronts. We have been working hard with all parties to trigger the Rio Tinto Copper Mine restart by the end of 2012 – with the infrastructure in place, a proven resource to mine and financing arrangements conditionally agreed, we are well positioned to recommence mining operations as early as possible once regulatory approvals permit.”
Looks like the company is on track to start production shortly.