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In May 2007, EMED Mining was granted an option to acquire Proyecto de Rio Tinto ("PRT"), an RTZ-built copper mine and processing plant in Spain.

The main assets of PRT are at the mine and plant site adjacent to the town of Rio Tinto - 65 kilometres northwest of Seville in Andalucia, Spain. The mine was placed on care and maintenance in 2000 due to then-prevailing low copper prices of below $US1.00/lb. Assets include mineral rights within the main tenements which has an area of 20 square kilometres and also some exploration licences in the district aggregating to 36 square kilometres.

EMED Mining has established a subsidiary named EMED Tartessus SL for holding the Company's assets in Spain. Information in Spanish on EMED Mining and this subsidiary is available at www.emed-tartessus.com and in the press release "Compania Minera Invierte en la Faja Piritica Iberica".

In October 2008, EMED Tartessus SL acquired 100% ownership of PRT.

The Company's due diligence (independently reviewed by AMC Consultants) indicates that the potential restart of operations, based on the Company's current redevelopment plan for the project, would achieve the following:

  • Commencement of production six months after the decision to restart is made;
  • Production of approximately 37,000 tonnes of copper-in-concentrate based on processing 9.0 million tonnes of ore per annum;
  • An average waste-to-ore ratio for the life of mine of approximately 1.1 to 1.0;
  • Total costs of approximately US$1.50/lb including all operating, capital and acquisition costs, which is better than the average for major new copper projects;
  • Annual average EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of approximately £57 million per annum for 100% of PRT based on a average copper selling price of US$3.00/lb;
  • Employment of approximately 400 to 450 employees and contractors at full production; and
  • Potential to extend the >10 year mine life through conversion of more resources to reserves.

EMED Mining will continue refining operating plans and verifying cost and other analyses in consultation with its independent consultants. This may result in changes to the above figures.

Mineral Resources and Ore Reserves for PRT

JORC-Compliant Mineral Resources and Ore Reserves for PRT have been independently verified by AMC Consultants.

Mineral Resources total 205.2 million tonnes at 0.46% copper (0.94 million tonnes of contained copper), at a cut-off grade of 0.20% copper.

Ore Reserves total 123.0 million tonnes at 0.48% copper (0.58 million tonnes of contained copper), at a cut-off grade of 0.20% copper.

The full Mineral Resource and Ore Reserve Statement for the Rio Tinto Mine is available by clicking here (102KB pdf).

Restart of PRT

The restart of mining operations at PRT can only proceed following receipt of various regulatory approvals and the Company raising the necessary funds.

EMED Mining is continuing to progress the permitting process and to resolve the remaining negotiations with private landholders and government agencies.

The principal regulatory approvals required are:

  • Approval by the Junta de Andalucia of the transfer of mineral rights to EMED Tartessus; and
  • Approval of the restart, operating and rehabilitation plans all of which are based on long-standing and previously approved practices at Rio Tinto Mine that are being updated as appropriate.

The Company has appointed Goldman Sachs as lead-arranger for arranging and structuring the project finance, copper price hedging and related guarantee and finance facilities. The financing plan would be outlined in due course when conditionally agreed with potential financiers and set out in detail when shareholder approval is sought.

Further Information

If you would like to apply for employment at EMED Mining's Rio Tinto Mine, please email your CV to  This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Announcements by EMED Mining relating to its activities in Spain include: