|Share Name||Share Symbol||Market||Type||Share ISIN||Share Description|
|Atalaya Mining||LSE:ATYM||London||Ordinary Share||CY0106002112||ORD 7.5P|
|Price Change||% Change||Share Price||Bid Price||Offer Price||High Price||Low Price||Open Price||Shares Traded||Last Trade|
|Industry Sector||Turnover (m)||Profit (m)||EPS - Basic||PE Ratio||Market Cap (m)|
Political Support for Rio Tinto Mine
UK Regulatory (RNS & others)
RNS Number : 9845P
EMED Mining Public Limited
12 October 2011
AIM: EMED, TSX: EMD 12 October 2011
EMED Mining reports broad based political support for Rio Tinto Mine
expressed by regional, municipal, union and community leaders
EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, is pleased to announce that the Junta de Andalucia ("Government") has confirmed its support for the Company's plans to restart the Rio Tinto Mine. This was expressed during a meeting among major project stakeholders held recently in Huelva, Andalucia and the subsequent media briefing by the Government spokesperson.
In addition, EMED Mining has received confirmations of support from the major opposition party Partida Popular, all local municipalities, the labour union which represents site personnel, the association of former personnel of the previous mine operator and representatives of local unemployed people.
The priority now is for the Company to continue the process to satisfy normal administrative steps, as soon as possible after these are resolved and formally clarified by the authorities. In the meantime, site activities will focus only on care and maintenance activities designed for public safety and security of personnel and property. Project preparations will be restricted to planning and inspections.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"We are delighted with the support confirmed by spokespersons for the Andalucian Government, the major opposition party, all local municipal mayors, the union which represents site personnel and even the former personnel of the previous mine operator and the representatives of the 7,000 people who have submitted job applications. We are proud to have developed trustful relations with all these parties.
"EMED Mining's investment of more than EUR40 million over the past four years is testament to our commitment and confidence from the outset. It is greatly satisfying to have so effectively overcome the unsettled legacy of this project during the decade prior to our arrival. The project has now reached a stage where it can have a unifying influence locally. We stand ready to resolve and commit and properly formalise the technical, economic, environmental and social commitments discussed with the Government.
"The regulatory process now hopefully focus on ensuring progress develops on the ground. This starts with access being secured to project lands so as to protect public safety and to complete inspections and other technical activities. Access to all project lands is necessary for public safety and is also the key driver for project start-up timing and the recent support from the regulatory authorities, courts and police has been heartening.
"We are committed to completing final project plans as soon as possible after we have access to all of our infrastructure and all the lands that the Government has requested we assume responsibility for. The nuances of the administrative processes are at the discretion of the authorities who will naturally clarify them formally. Once clarification is received we will implement with maximum agility in order to reduce timeframes where possible. We also stand ready to settle with private landowners by private agreement based on independent valuations or by regulatory processes.
"We will update shareholders of timetable scenarios when clarified with the authorities."
EMED Mining Harry Anagnostaras-Adams +357 9945 7843 RFC Corporate Finance Stuart Laing +61 8 9480 2500 Fox-Davies Capital Simon Leathers +44 203 463 5022 Fairfax I.S. PLC Ewan Leggat/Katy Birkin +44 207 598 5368 Bishopsgate Communications Nick Rome/Shabnam Bashir +44 207 562 3350 Proconsul Capital Andreas Curkovic +1 416 577 9927
This information is provided by RNS
The company news service from the London Stock Exchange
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