EMED Mining has 'limited exposure' to proposed levy on deposits in Cyprus

AIM-listed Europe-based minerals development and exploration company, EMED Mining, has noted the announcement by authorities in Cyprus of a proposed one-off levy of 6.75 per cent to 9.9 per cent on bank deposits.

AIM-listed Europe-based minerals development and exploration company, EMED Mining, has noted the announcement by authorities in Cyprus of a proposed one-off levy of 6.75 per cent to 9.9 per cent on bank deposits.

Based on the company's preliminary enquiries, the yet to be published legislation would have the effect of imposing a levy on EMED Mining of approximately€20,000 if applied to its bank deposits in a Cypriot bank and creates contingent liability for an additional amount of approximately €250,000 if it is also applied to a UK bank deposit which the company administers via the bank's Cyprus branch.

The company added that it understood that the levy would not apply to its other bank deposits.

EMED Mining was founded in 2005 with the primary goal of redeveloping the former Rio Tinto open-pit copper mine near Seville in Spain. Mining ceased in 2000 due to low copper prices and the company aims to restart the mine in the second half of 2013.

Its second principal asset is the Biely Vrch gold project in Slovakia, where a preliminary economic assessment indicates substantial economic viability for development.

EMED Mining's share price was up 1.01% to 12.50p at 13.47 on Monday.

MF

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022
Paypal, bitcoin, and the weaponisation of money
Bitcoin & crypto

Paypal, bitcoin, and the weaponisation of money

Recent events have shown how both business and governments can “weaponise” money and shut down dissent. What to do? Buy bitcoin, says Dominic Frisby.
22 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022