EMED Mining Public shares plunge as annual losses widen

EMED Mining Public widened its losses in 2012 as it was hit by an increase in exploration and maintenance expenses.

EMED Mining Public widened its losses in 2012 as it was hit by an increase in exploration and maintenance expenses.

The European copper and gold miner incurred a loss before tax of €12.1m, a 6.1% increase from the previous year's loss of €11.4m.

Exploration and care and maintenance expenses were up €6.8m from €5.9m in 2011 while administration expenses rose to €4.5m from €3.8m.

Nevertheless the company said projects including the Rio Tinto Copper mine in Spain remained on track. Construction work at the mine will begin in the second half of 2013, with production due to start a year later.

During the year, the government of Andaluca in Spain was granted permits to restart the Rio Tinto Mine including Environmental Plan (AAU), administrative standing of the company's mineral rights, final restoration plan and mining permit.

Last March, the company mandated Goldman Sachs International on an exclusive basis to provide up to $175m of finance for the restart of the Rio Tinto copper mine.

"We are poised at a very delicate and exciting stage, working very closely with the authorities in Andaluca and making every effort to expedite the triggering of the project, to start works in the second half of 2013 and ramp-up production by the end of 2015," said Harry Anagnostaras-Adams, Managing Director and Chief Executive Officer.

"Our modus operandum remains to expedite the start-up whilst carefully managing the hiring of people and the spending of capital, in order that progress on the ground remains synchronized with the progress of regulatory permitting."

Shares plunged 4.30% to 11.12p at 14:00 Monday.

RD

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