Shares in EMED Mining jumped as much as 20% on Friday January 23 after a news bulletin on Spanish radio indicated that the company was about to receive final permitting to restart the Rio Tinto copper mine.
The morning radio broadcast informed listeners that a delegation from the Andalusian government and the ministry of economy, innovation, science and employment would be visiting the historic mine site on Friday, and indicated that the visit “could be relevant to the development of the project”, as EMED told investors on Friday.
And so it proved: later in the morning EMED issued a further announcement confirming that the relevant authorities have signed a resolution granting permission for the miner to develop the Rio Tinto deposit, removing the last “significant” regulatory hurdle in EMED’s marathon race to bring the mine back online.
With the mining permits in hand, EMED can now focus on commissioning the mine in the third quarter of this year, albeit some five years later than originally planned.
There was a flurry of trading in EMED’s shares on Friday, with the AIM-listed stock rising to an intraday high of 6 pence per share immediately after the radio bulletin, up 20% on the day, and then retreating back towards its starting price of 5 pence.
After EMED confirmed it has obtained permitting approvals, the shares rallied again, reaching 5.75 pence per share, up 15%.
For further breaking updates on EMED, tune in to local Spanish radio check www.metalbulletin.com.
