Rio Tinto Copper Mine is EMED Mining’s main project and area of activity and is located in the Iberian Pyrite Belt, 65 km northwest of Seville, Spain. The open-pit mine and processing facilities have been on care and maintenance since mining ceased in 2000 due to low copper prices of less than $1.00/lb at the time. EMED Mining was granted an option to acquire the operation in May 2007 and it was subsequently acquired in October 2008.
Since then, EMED Mining has undertaken extensive studies on the mine. This work has been independently reviewed by AMC Consultants and Behre Dolbear International. Key anticipated production parameters are detailed in the Behre Dolbear NI 43-101 Technical Report On Reopening the Rio Tinto Copper Mine dated 17 November 2010 and an updated report dated February 2013.
Mineral Resources and Ore Reserves - Rio Tinto Copper Mine
Proved and Probable Ore Reserves total 123.0 million tonnes at 0.49% copper (0.61 million tonnes of contained copper), at a cut-off grade of 0.20% copper.
Measured and Indicated Mineral Resources total 203.1 million tonnes at 0.46% copper (0.93 million tonnes contained copper), at a cut-off grade of 0.20% copper.
|Total Ore Reserves||123||0.47||583|
|Total Measured & indicated Resources||203||0.46||930|
Rio Tinto Project key recent developments
• Unified Environmental Authorisation (AAU) permit granted
• Administrative standing permit granted (transmission of mineral rights)
• Government of Andalucía awards €8.8 million grant for development of Rio Tinto
• Plant refurbishment commences
• Potential US$50 million of capex savings for Phase 1 identified
• Mining Permit granted and Restoration Plan approved – last significant regulatory approvals required for mining and processing operations to commence in Q3 2015
• First blasting took place in April 2015– contractor working on pre-stripping
• Energy supply contract signed – HV connection in June 2015
• Provisional water supply permit received – final permit pending
• EPCM: Site construction >80% complete – overall project >90% complete
• First steps of commissioning to start before the end of Q2 2015
• Initiated detailed review of options to expand production beyond 7.5Mtpa (Phase 2 targeting 9.0 Mtpa)
• Activity licence awarded from the Minas de Riotinto Municipality. This licence represents the final permitting component required to initiate mining activities at the Rio Tinto Copper Project