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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
