Jun 08th 2010 - Fox Davies Capital today published a report on Atalaya Mining (ATYM.L, LSE:ATYM, LON:ATYM) 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...
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