Jun 08th 2010 - Fox Davies Capital today published a report on EMED Mining Public (EMED.L, LSE:EMED, LON:EMED) entitled "Permitting Update: Further Progress". In summary, the report says:
EMED has announced that it has settled the terms for extinguishing the liens against the principal landholdings of its wholly owned subsidiary EMED Tartessus S.L. These landholdings underlie the mine, minerals title area and plant site of Proyecto Rio Tinto.
The settlement agreement has been completed with Tesorería General de la Seguridad Social of Andalucía (Department of Social Security) to whom a debt of 16.9 million has been owed by bankrupt previous owners, Minas de Rio Tinto (MRT). The debt relates to unpaid social security contributions incurred by MRT and includes interest accrued since MRT went into liquidation.
It is a very positive move for two reasons. Firstly, EMED Mining has always been aware of this lien and factored in full...
Fox-Davies Capital Limited (FDC) has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies to gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS. FDC enjoys a successful track record in advising and undertaking fundraising transactions for its clients ranging from private equity to IPO and secondary offerings and works with over 350 specialised institutional resource and emerging markets funds worldwide. FDC is authorised and regulated by the Financial Services Authority (FSA) and is a member firm of the London Stock Exchange (LSE). more »