Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
European-based EMED Mining (TSX:EMD) was awarded an exploration license for a copper project in Spain.
Andalucian Government awards Exploration Licence to EMED Mining
EMED Mining, the Europe-based minerals development and exploration company, is pleased to report that the Andalucian Minister for Industry yesterday announced the awarding of the Aguilas Two Licence (Valle Redondo and El Villar) to one of the Company’s wholly-owned subsidiaries in Spain. The Aguilas Two Licence area has an aggregate surface area of 52 square kilometres and is located approximately 8 kilometres from the Company’s wholly-owned Rio Tinto Copper Project. Its prospectivity was identified from the Company’s proprietary database and the initial exploration programme fits within already planned expenditures.
Harry Anagnostaras-Adams, Managing Director and CEO of EMED Mining, commented:
“We believe that the Iberian Pyrite Belt will re-emerge as a globally significant metal producer and we are committed to playing our role by having re-assembled, re-engineered and planning to shortly restart the largest of its mining fields, Rio Tinto.
“Whilst our immediate focus is on the restart of the Cerro Colorado Open Pit, our plan is to extend project life and annual production by targeting to expand the open pit, restart the underground mines, recycle precious metal in the tailings deposit and also to explore our ancillary tenements including the Aguilas Two Exploration Licence area which we are particularly pleased to have been awarded. Negligible exploration has been conducted on any of these tenements for over 20 years.”
EMED Mining’s operational headquarters is at the wholly-owned Rio Tinto Copper Project, the world’s largest VMS (Volcanogenic Massive Sulphide) system. It has historically yielded over 1.7 million tonnes of copper along with significant amounts of other metals and is expected to be redeveloped as a modern multi-mine district.
The projects already reported within the Behre Dolbear NI 43-101 Independent Technical Report of February 2013, include the following:
Cerro Colorado Open Pit: Total Measured & Indicated Mineral Resources of 203 million tonnes at 0.46% copper, containing 930,000 tonnes (2.1 billion lbs) of copper in situ;
San Dionisio and San Antonio Underground Deposits: Exploration Targets with Historical Resources reported of 72 million tonnes of polymetallic ore with a grade significantly higher than that of the Cerro Colorado Open Pit; and
Gossan Dam silver and gold tailings deposit: an Exploration Target of 25 to 35 million tonnes of potentially recyclable material.
– See more at: http://www.emed-mining.com/news/announcements/andalucian-government-awards-exploration-licence-emed-mining#sthash.zPAsuBu9.dpuf
