viewAtalaya Mining

Andalusian authorities' commitment to mining a boost for EMED


Spanish province Andalucia has said it wants to encourage mining activity in the region, a statement that should boost EMED Mining’s (LON:EMED) hopes of soon getting a permit.

The most famous product of the region is the Rio Tinto mine, from which the FTSE 100 giant was born - if you trace its long history back far enough.

The Rio Tinto mine is now in the hands of AIM-listed EMED but its re-opening has been held up by a lengthy permitting process.

"This is an exciting time for the Andalucía mining region," Vicente Fernandez, secretary general of innovation, industry and energy, said in a statement at the Mines and Money Conference in London.

To back this up, he announced the launch of a tender to sell a brownfield project, the Aznalcóllar mine, located within the Iberian pyrite belt.

It hosts at least 37mln tonnes of polymetalic mineralisation including copper, lead, zinc, gold and silver.

The tender is part of a broader government-driven programme to boost mining activity in the region and to capitalise on its resources, said Fernandez.

"As part of a wider investment opportunity we're pleased to announce that the first tender process will start in 2014 for the Aznalcóllar mine."

He adds: "With the full support of the local council, the government of Andalucía and the Andalusian parliament, investors can be sure of operational backing."

Quick facts: Atalaya Mining

Price: 112.5 GBX

Market: AIM
Market Cap: £154.51 m

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