EMED targets staged production at Rio Tinto
KALGOORLIE (miningweekly.com) – Dual-listed metals developer EMED Mining was looking at a staged development for its flagship Rio Tinto copper project, in the Andalucia region of Spain.
Speaking to Mining Weekly Online on the sidelines of the Diggers and Dealers conference, EMED MD Harry Anagnostaras-Adams noted that the project was set to go into production at the end of 2014, producing at a throughput rate of five-million tonnes a year.
“The project will ramp up to nine-million tonnes a year over the next 18 months to produce some 40 000 t/y of copper and, over the next four years, it will ramp up to 15-million tonnes a year to deliver some 60 000 t/y of copper.”
Anagnostaras-Adams pointed out that the initial operation would comprise an opencut mine, but added that EMED would work to bring the underground mine to production while simultaneously drilling to expand the reserve and resource base.
At the moment, the openpit mine had sufficient reserves to support a mine life of some 14 years, but Anagnostaras-Adams added that, once the reserve had been expanded and the underground mine was in operation, the life-of-mine could be extended to 20 or 30 years.
The project would require a capital investment of some $290-million and, earlier this year, the Aim- and TSX-listed miner announced that it had secured project finance of between $175-million and $190-million, with standby facilities of up to $50-million from a syndicate assembled by Goldman Sachs and supported by shareholders.
Anagnostaras-Adams pointed out that the final brick of the funding, which, at this point, was estimated to be around $35-million, would be secured within the next month. He added that the company was considering a range of options, including a royalty entitlement, offtake agreements and equity shares.
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