Monday, 16 September 2019 12:19 GMT

EMED gearing up for copper production now mining permit is signed

(MENAFN - ProactiveInvestors) EMED Mining (TSE:EMD) (LON:EMED) shares jumped 5.5% after obtaining final permitting for the Rio Tinto project.

Copper production is due to get underway in the third quarter of this year.

More than 200 workers have already been working on construction and repair jobs at the site since the summer.

Plant and infrastructure refurbishment will continue through the first and second quarters prior to commissioning in the third quarter.

The mining of ore will begin during the second quarter.

Mining and drilling contractors are also now working to optimize the production plan for the first five years of mining.

"The approval of the mining permit is a major historic milestone for Proyecto Rio Tinto and paves the way for commissioning to commence in the third quarter of this year” said chief executive Alberto Lavandeira.

“The company continues to work with its major stakeholders to finalize financing arrangements for the Phase 1 development of Proyecto Rio Tinto as well as analyzing the best expansion options and I look forward to providing further updates in due course."

EMED said it received formal communication that the mining permit had been signed off during a meeting with regional authorities today.

Earlier the company confirmed reports of a visit to the mine by a delegation led by the Andalucia Minister of Economy Innovation Science and Employment.

In Toronto EMED Mining shares were up 5.6% following the news trading at 9.5 cents each.

EMED gearing up for copper production now mining permit is signed

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