426 days ago
Mining major Rio Tinto (RIO) has announced its calendar 2022 results emphasising “despite challenging market conditions, we remain resilient”, but what of a now 5983p share price?
781 days ago
Recent Income recommendation Rio Tinto (RIO) has announced record results for 2021 and that it is “targeting disciplined investment in commodities that will see strong demand in the coming decades”.
812 days ago
I start with KPMG and another scandal but the real scandal is the way it deals with its employees who are fraud enablers by act or by omission or both. Then onto the Methodists and why its stance on Rio Tinto (RIO) is, I suggest, not what Jesus would have advocated. Moreover it highlights how ESG driven investing has created valuation anomalies on both the long and short side. Finally, THG (THG) and PE bid speculation.
3318 days ago
This release should have gone out on Friday but I guess it will go out at 7 AM Monday. In case you can’t wait here is the EMED Mining (EMED) RNS in full and it is good news but EMED is not out of the woods yet. I have also been chatting to the EMED CEO over the weekend – he seems a decent enough guy.
Basically the loans that were due for repayment on March 30th have been extended until June 30th. The company can now draw down on the additional $6 million loan facility. That will give it enough cash to last until mid may. The EMED boss expects to get the final green light for Rio Tinto before then which will trigger another funding round – a mixture of debt and equity to raise c$80 million.
The chat with EMED was constructive and detailed. I will sleep on it and report back in more detail next week. Meanwhile here is the release:
3339 days ago
EMED Mining (EMED) updated investors on 23rd February on “rapid progress being made in the development of onsite operations” at its Rio Tinto copper project and that “we remain in advanced discussions with our funding partners and are confident of securing the financing for the re-start of production without delays to the company's anticipated timetable”.
Operationally, the company updated that rehabilitation activities are expected to be completed during the second quarter of 2015 and that infrastructure development is progressing according to plan, whilst the exploration department is now fully operational.
The current cash position
3382 days ago
Having earlier in the day announced that a delegation from the regional authorities would be visiting the Rio Tinto mine site, EMED Mining (EMED) yesterday morning announced that during a meeting it has received formal communication of the granting of a mining permit – “the last significant regulatory approvals… before normal mining and processing operations can commence”.
3476 days ago
Multinational commodities group Trafigura, the largest shareholder in EMED Mining (EMED), has called an EGM to vote on the removal of most of its board to ‘bring about much-needed change’. Steve Moore and I back Trafigura and urge you to cast proxy votes in support of the calls for change. Small investors, the peasants, can make a difference here and the current board has given the peasants every reason to revolt.
Trafigura says that the present EMED board, under chairman Ronnie Beevor and chief executive officer Isaac Querub, ’is failing to serve the interests of shareholders’ and arguing the company, as currently constituted, lacks the financial resources and management capabilities to achieve its goal of reopening the historic Rio Tinto copper mine in the Spanish province of Andalusia.
Significantly,
3477 days ago
EMED Mining (EMED) has announced that it has completed its application for a mining permit for its Rio Tinto copper project and is “confident that it will receive the mining permit before year end”. Together with restoration plan approval (the final plan having gone through public consultation, with approval “expected within the coming weeks”), these are the final permits needed to allow full scale mining operations to recommence.
3529 days ago
Having worked to have key permits granted towards the re-starting of production from the Rio Tinto copper project in Spain, EMED Mining (EMED) has announced a €6.80 million net cash outflow in the six months ended 30th June 2014. Together with that negotiations “in respect of an equity financing to support an altered debt and equity structure… have taken considerably longer to conclude than originally anticipated”, this put its balance sheet in a troubling position and has seen it conditionally raise a further £13.1 million at 7.25p per share “to fund its activities up to the end of 2014, and thus enable the company to finalise its plans for the full financing of the Rio Tinto copper project”.
3751 days ago
EMED Mining (EMED) last week commented on what it considers “an extremely significant step” towards gaining environmental clearance for the Rio Tinto copper project in Spain. Might the green light be imminent?
4174 days ago
Regulatory approval for EMED (EMED): Great news we have been waiting so long for this news. But sadly this is not the final Spanish permits needed to get the giant Rio Tinto copper mine underway but news from Slovakia. Meanwhile broker Fox Davies reckons that the shares could treble from 10.625p to 32p. I think it is correct about this stock I first covered on t1ps.com. But to Slovakia first.
