25 May 2012

Court rulings cheer EMED

11/01/2010 Robert Tyerman

Spanish courts have dismissed challenges to EMED Mining’s project to restart the country’s Rio Tinto copper mine.

Based in the Cypriot capital of Nicosia and quoted on AIM, the company, steered by Australian entrepreneur Harry Anagnostaras-Adams, says the court decisions remove some of the potential complications and delays to the process of securing formal approval for the resumption of mining at Rio Tinto. One ruling dismissed a challenge from the owner of land underlying a tailings dam on the project against legal arrangements between EMED and MRI Group, founded by controversial commodities trader Marc Rich, which was a Rio Tinto stakeholder and is now an EMED shareholder.

Another ruling rejected appeals by the former controllers of the vendor of Rio Tinto against MRI’s dealings. The third consists of a series of court judgements against former Rio Tinto stakeholders who had unsuccessfully challenged the permitting processes involved in the project.

Anagnostaras-Adams says ‘these various court rulings help clear the decks for a restart’. Floated at 8p in 2005, EMED shares hit 30.5p in 2008, but later crumbled to 3.38p. Highlighted last March by Growth Company Investor as ‘possibly past the worst’ at 3.62p, they have now reached 14.25p, valuing the company at nearly £53 million, and could make further progress.

Tags: AIM, Commodities, Speculative punts

Sector: Mining

Companies: EMED Mining

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