EMED awarded exploration licence next to flagship Spanish project
TORONTO (miningweekly.com) – EMED Mining, which is working to restart the Rio Tinto copper mine in Spain’s Andalucia region, has received the Aguilas Two licence that will permit exploration activities on the Valle Redondo and El Villar tenements, located 8 km from the company’s flagship project.
The company said this was a critical step for it to secure long-term upside for the Rio Tinto mine and would potentially result in the Iberian pyrite belt re-emerging as a globally significant metal producer.
The Aguilas Two licence area has a total surface area of 52 km2 and EMED said its prospectivity was identified using the company's database. The first exploration programme to be undertaken on the properties in 20 years was also already budgeted for.
“While our immediate focus is on the restart of the Cerro Colorado openpit, our plan is to extend project life and annual production by targeting the expansion of the openpit, restart the underground mines, recycle precious metals in the tailings deposit and also to explore our ancillary tenements, including the Aguilas Two exploration licence area, which we are particularly pleased to have been awarded,” MD Harry Anagnostaras-Adams said.
SP Angel analyst John Meyer said in a note to clients that, until the permit had been signed off, little value would be assigned to this announcement against the current backdrop of risk aversion in the sector and markets.
"The recent fund raise gives them the breathing space they need in terms of funding, before permitting is put into place to restart the Rio Tinto copper mine. The support from existing shareholders, such as XGC and Red Kite, reinforces the quality of the project," he said.
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