EMED Mining Public Ltd has appointed Goldman Sachs International as lead-arranger for project finance and copper hedging needed by its Spanish unit ahead of the potential restart of operations at Proyecto de Rio Tinto in Andalusia.
The project and the related financing and hedging still require approval from government agencies and EMED Mining shareholders. In the meantime EMED Mining continues to make preparations at the operating site and to negotiate with private landholders and government agencies.
The management team for EMED Tartessus, the unit that will operate the mine, is being built and includes selected longstanding project management and staff along with transferees from EMED Mining such as chief geologist John Ingram and new recruits such as maintenance manager Richard Earlam. Staff numbers at site currently total 30, most of whom are long-standing project employees.
After the restart is committed to, over 250-person workforce will initially be required at the mine. EMED Tartessus personnel became members of the Socialist Party union in September 2008.
The board believes that Rio Tinto mine will be the largest employer in the area. Most local townships have been financially distressed since the mine's closure eight years ago and local support is therefore understandably strong, EMED Mining said. The mine operated successfully in the past at the same levels of throughput proposed by the company in its restart plan, it added.