Political Support for Rio Tinto Mine (9845P)
October 12 2011 - 2:00AM
UK Regulatory
TIDMEMED
RNS Number : 9845P
EMED Mining Public Limited
12 October 2011
AIM: EMED, TSX: EMD 12 October 2011
EMED Mining reports broad based political support for Rio Tinto
Mine
expressed by regional, municipal, union and community
leaders
EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining"
or "the Company"), the Europe-based minerals development and
exploration company, is pleased to announce that the Junta de
Andalucia ("Government") has confirmed its support for the
Company's plans to restart the Rio Tinto Mine. This was expressed
during a meeting among major project stakeholders held recently in
Huelva, Andalucia and the subsequent media briefing by the
Government spokesperson.
In addition, EMED Mining has received confirmations of support
from the major opposition party Partida Popular, all local
municipalities, the labour union which represents site personnel,
the association of former personnel of the previous mine operator
and representatives of local unemployed people.
The priority now is for the Company to continue the process to
satisfy normal administrative steps, as soon as possible after
these are resolved and formally clarified by the authorities. In
the meantime, site activities will focus only on care and
maintenance activities designed for public safety and security of
personnel and property. Project preparations will be restricted to
planning and inspections.
Harry Anagnostaras Adams, Managing Director of EMED Mining,
commented:
"We are delighted with the support confirmed by spokespersons
for the Andalucian Government, the major opposition party, all
local municipal mayors, the union which represents site personnel
and even the former personnel of the previous mine operator and the
representatives of the 7,000 people who have submitted job
applications. We are proud to have developed trustful relations
with all these parties.
"EMED Mining's investment of more than EUR40 million over the
past four years is testament to our commitment and confidence from
the outset. It is greatly satisfying to have so effectively
overcome the unsettled legacy of this project during the decade
prior to our arrival. The project has now reached a stage where it
can have a unifying influence locally. We stand ready to resolve
and commit and properly formalise the technical, economic,
environmental and social commitments discussed with the
Government.
"The regulatory process now hopefully focus on ensuring progress
develops on the ground. This starts with access being secured to
project lands so as to protect public safety and to complete
inspections and other technical activities. Access to all project
lands is necessary for public safety and is also the key driver for
project start-up timing and the recent support from the regulatory
authorities, courts and police has been heartening.
"We are committed to completing final project plans as soon as
possible after we have access to all of our infrastructure and all
the lands that the Government has requested we assume
responsibility for. The nuances of the administrative processes are
at the discretion of the authorities who will naturally clarify
them formally. Once clarification is received we will implement
with maximum agility in order to reduce timeframes where possible.
We also stand ready to settle with private landowners by private
agreement based on independent valuations or by regulatory
processes.
"We will update shareholders of timetable scenarios when
clarified with the authorities."
-ENDS-
Enquiries
EMED Mining Harry Anagnostaras-Adams +357 9945 7843
RFC Corporate Finance Stuart Laing +61 8 9480 2500
Fox-Davies Capital Simon Leathers +44 203 463 5022
Fairfax I.S. PLC Ewan Leggat/Katy Birkin +44 207 598 5368
Bishopsgate Communications Nick Rome/Shabnam Bashir +44 207 562 3350
Proconsul Capital Andreas Curkovic +1 416 577 9927
This information is provided by RNS
The company news service from the London Stock Exchange
END
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