Tom Winnifrith Bearcast: from Sefton to Bidstack, corporate lying is fraud but at last 1 regulator is smelling the coffee
Notes from Underground: The most-read stories of the week, and the dramatic rise and fall of Cannabis stocks
Spanish copper producer EMED Mining (EMED) plans to change its name to Atalaya Mining and to implement a one-for-30 share consolidation, as the AIM-quoted company prepares to boost annual production 50% to 7.5 million tonnes a year from the historic Rio Tinto mine near Seville. EMED, whose shares have fallen from a 12-month high of7.98p to 3.875p with copper in retreat, intends to reach that output level by the end of next June and lift it further to 9.5 million tonnes a year six months later -- with expected extraction costs significantly below even today’s depressed copper price.
John Meyer of SP Angel this morning comments on EMED Mining (EMED) & BHP Billiton (BLT) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Featuring Amur Minerals (AMUR), Castleton Technology (CTP), EMED Mining (EMED), Forbidden Technologies (FBT), Motif Bio (MTFB)
John Meyer of SP Angel this morning comments on EMED Mining (EMED), Gemfields (GEM), Ormonde Mining (ORM), Rambler Metals (RMM) and Savannah Resources (SAV) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
John Meyer of SP Angel this morning comments on Avocet Mining (AVM), EMED Mining (EMED), Petra Diamonds (PDL) and Petropavlovsk (POG) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Featuring Emed Mining (EMED), Ithaca Energy (IAE), Netscientific (NSCI), Rapidcloud (RCI), Red Emperor (RMP)
EMED Mining (EMED) hopes to produce the first concentrate from its re-launched 203 million-tonne Rio Tinto copper project in Spain during July or August, having raised £64.9 million with a financing package that brings in a substantial new shareholder in the shape of Boston-based Liberty Metals and Mining, part of US insurance giant Liberty Mutual. That is the word from chief executive officer Alberto Lavandeira, who says the project should move into commercial production later on.
John Meyer of SP Angel this morning comments on EMED Mining and Oxus Gold as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Having successfully secured a three-month extension of a $30 million (£20 million) loan facility and convertible loan notes, unloved EMED Mining (EMED) now needs to assemble a financing package of E70 million (£51 million) and E90 million’ to re-launch copper production from Spain’s historic Rio Tinto mine by this autumn. So says Alberto Lavandeiro, AIM-quoted EMED’s chief executive officer, in the wake of an agreement by three key shareholders, lenders and potential customers to extend the loan repayment deadline and the maturity of the convertible by three months to the end of June.
This release should have gone out on Friday but I guess it will go out at 7 AM Monday. In case you can’t wait here is the EMED Mining (EMED) RNS in full and it is good news but EMED is not out of the woods yet. I have also been chatting to the EMED CEO over the weekend – he seems a decent enough guy.
This has been a bad share tip. The macro scene has been unhelpful but whichever management team has been in charge EMED Mining (EMED) has not prospered. The latest revelation prompts us to apologise sincerely but to advise selling at 3.25p. Enough is enough.
We quite like SP Angel when it comes to research as lead analyst John Meyer is an honest chappie, who produces detailed work and can be critical when needs be. Today's detailed note covers the big stories of the day including EMED, Jubilee Platinum, Wolf Minerals and Tr-Star and a detailed macro view on the news that is shaping global mining and the AIM mining pond. We have now agreed to carry the SP Angel note every working day going forward.
EMED Mining (EMED) updated investors on 23rd February on “rapid progress being made in the development of onsite operations” at its Rio Tinto copper project and that “we remain in advanced discussions with our funding partners and are confident of securing the financing for the re-start of production without delays to the company's anticipated timetable”.
EMED Mining (EMED) is seeking to assemble a financing package worth at least $150 million (£100 million) to restart the historic Rio Tinto copper mine near Seville in Spain after winning final approval for its mining and restoration plan there. The AIM-quoted company is discussing funding alternatives with several groups including its three key backers, the $82 billion Dutch commodity group Trafigura Beheer, US-based Orion Mining Finance and China’s Xianguang Copper, following the favourable decision by the government of the Province of Andalusia
Having earlier in the day announced that a delegation from the regional authorities would be visiting the Rio Tinto mine site, EMED Mining (EMED) yesterday morning announced that during a meeting it has received formal communication of the granting of a mining permit – “the last significant regulatory approvals… before normal mining and processing operations can commence”.
Having initially requisitioned an EGM to ‘bring about much-needed change’ at EMED Mining (EMED), it has been announced that multinational commodities group Trafigura in conjunction with other cornerstone investors in EMED, Orion Mine Finance and Xiangguang International, has now conditionally agreed a $24 million, and up to $30 million, bridging finance facility with the company in conjunction with Ronnie Beevor, Isaac Querub Caro, Ashwath Mehra and Bob Francis all agreeing to resign from the board, with a new Chairman (Roger Davey) and CEO (Alberto Lavandeira) appointed.
Alberto Lavendeira, new chief executive officer at copper hopeful EMED Mining (EMED), sounds confident the AIM-quoted company will receive permission ‘in the first or second week of January’ to restore copper production at the historic Rio Tinto mine in the Spanish province of Andalusia, after a series of corporate upheavals and the departure of most of the AIM-quoted company’s previous board.
Multinational commodities group Trafigura, largest shareholder in AIM and Toronto-quoted EMED Mining (EMED), has stirred a flurry in the company’s shares by calling for the removal of most of its board to ‘bring about much-needed change’. Having spent some £18 million earlier this year buying an 18% stake in EMED, Trafigura has called for a special investors’ meeting, claiming the present EMED board, under chairman Ronnie Beevor and chief executive officer Isaac Querub, ’is failing to serve the interests of shareholders’ and arguing the company, as currently constituted, lacks the financial resources and management capabilities to achieve its goal of reopening the historic Rio Tinto copper mine in the Spanish province of Andalusia.
EMED Mining (EMED) has announced that it has completed its application for a mining permit for its Rio Tinto copper project and is “confident that it will receive the mining permit before year end”. Together with restoration plan approval (the final plan having gone through public consultation, with approval “expected within the coming weeks”), these are the final permits needed to allow full scale mining operations to recommence.
Broker Fox Davies has published a new note on EMED Mining (EMED) in the wake of results and a recent placing with Chinese investors – it reckons that the shares should more than double from 8p.
It has been announced that Trafigura Beheer B.V. has, at 9p per share, acquired a further 30,856,481 shares in EMED Mining (EMED) – taking its interest to 259,029,997 shares (18.04% of EMED). This follows stakebuilding earlier this month and a subsequent placing which then somewhat diluted Trafigura’s percentage interest. It is again stated today that “Trafigura has stated that it has acquired the ordinary shares for investment purposes”.
Having worked to have key permits granted towards the re-starting of production from the Rio Tinto copper project in Spain, EMED Mining (EMED) has announced a €6.80 million net cash outflow in the six months ended 30th June 2014. Together with that negotiations “in respect of an equity financing to support an altered debt and equity structure… have taken considerably longer to conclude than originally anticipated”, this put its balance sheet in a troubling position and has seen it conditionally raise a further £13.1 million at 7.25p per share “to fund its activities up to the end of 2014, and thus enable the company to finalise its plans for the full financing of the Rio Tinto copper project”.
Some may question the prospects for copper. Concerns about a Chinese economic slowdown and potential oversupply in 2014 abound. However, these negatives compete with the lowest stock levels in London Metal Exchange warehouses since 2008 and cheerful City forecasts. Isaac Querub and Alberto Lavandeira, respectively newly installed chief executive officer and chief operating officer EMED Mining (EMED), entertain no doubts as they prepare to bring Spain’s historic Rio Tinto copper mine in Andalusia back into production towards the end of next year.
EMED Mining (EMED) has announced results from a “transformational” quarter – in which it received the Unified Environmental Authorisation for the Rio Tinto copper project in Spain , and shortly after was granted ‘Administrative Standing’. So are the shares cheap? Yes.
Direct from the Queen Elizabeth Conference Centre a video featuring a UK Investor Show 2014 presentation by Ron Cunneen of EMED Mining (EMED)
Following its recent receipt of Unified Environmental Authorisation for the Rio Tinto copper project in Spain, EMED Mining (EMED) has announced that it has now been granted authorisation over the mining rights (‘Administrative Standing’) for the project, enabling it to trigger site works towards the re-start of production.
Top resource broker Fox Davies has today published a note on EMED (EMED) claiming that its shares, now 10p are worth 18.2p- 33.3p. Analyst Peter Rose writes:
EMED Mining (EMED) has reported an end 2013 cash balance of €8.63 million, up from €7.60 million at the end of 2012 – though only after the issue in 2013 of €11.08 million of convertible (at 9p per share) debt, with a term to January 2015, and €6.99 million of new shares. So do the shares remain a buy?
EMED Mining (EMED) has announced the appointment of Isaac Querub as CEO of the Company and of Alberto Lavandeira as COO. Seneor Lavandeira also becomes the CEO of the operating subsidiary, EMED Tartessus. So what?
London's top resource broker Fox Davies flags up that today’s announcement from EMED Mining (EMED) really is a significant step to getting regulatory clearance to restart mining at Rio Tinto in Spain. That would drive a material re-rating of the shares.
House broker to EMED (EMED) Fox Davies has publish a note on the shares at 10p arguing that last week’s Spanish environmental clearance paves the way for a significant rerating of the shares.
EMED Mining (EMED) last week commented on what it considers “an extremely significant step” towards gaining environmental clearance for the Rio Tinto copper project in Spain. Might the green light be imminent?
The bulletin boards are not necessarily known for being sources of infinite wisdom regarding the stock market, or indeed as depositories of the highest standards of English grammar – one could also level the second charge at The Closet Chartist..
Given the way that EMED Mining (EMED) shares had made their way up from 5p in June up to as high as 10.5p at the beginning of last month it may seem churlish to complain about the overall performance of the stock in recent months.
EMED Mining (EMED) has announced that it has conditionally raised £5.5 million (before expenses) to “be largely applied in funding engineering and related works in connection with the re-start of the Rio Tinto copper project and for general working capital”.
Despite the recent recovery in the shares, most observers of EMED Mining (EMED) would concede that 2013 to date has been a year to forget as far as the stock price goes.
EMED Mining (EMED) has reported a €3.76 million loss for the three months ended 30th September 2013, with the developer-explorer updating on its Rio Tinto copper project in Spain that “we continue with our preparations on the ground in readiness for project execution and look forward to moving into the development and production stage of our cycle as soon as permitting allows”.
The Fox-Davies mining team visited the Rio-Tinto mine site to meet the new team.
In the wake of the shock departure of CEO Harry Adams, commissioned researcher Edison has argued that the shares, at 7.5p, are still cheap and are worth either 11p or 22p.
EMED (EMED) has today announced that CEO and company founder Harry Adams has resigned with immediate effect. Yeah right…time to get out some piano wire for another PR man who is being economical with the actualites. Step forward my old mate Nick Rome...
The release goes on with the usual corporate bullshit: “The Board would like to thank Mr. Anagnostaras-Adams for his dedication, leadership and contribution to the Company during his tenure as CEO.” Oh please, pass the sick bag.
Today comes a statement from AIM and TSX listed EMED (EMED) that its permitting process for its Spanish Rio Tinto copper mine is on track for completion in 2013. The statement is pretty clear about that although, as ever Spanish bureaucracy is a real piece of work.
EMED Mining (LSE:EMED) has announced its results for the first half of 2013 – which have seen it reiterate that “consistent with the recent public statements of the Andalucian Government, and along with its regulatory authorities, the company remains focused on triggering project works at the Cerro Colorado open pit of the Rio Tinto copper mine around the end of 2013 and production in late 2014”.
Fox Davies has today adjusted its metals price and currency forecasts. In most cases the broker has slashed its forecasts but for copper there is a small upwards revision and this – plus changes to its Euro forecasts (down) is good news for Spain based wannabee copper miner EMED.
EMED Mining (EMED) has announced a proposed US$15M Convertible Secured Note and the Allocation of Additional Off-Take Rights. The Notes carry a conversion price of 9p, a premium of 58% to the current share price and will be placed with Xiangguang Copper Company and RK Mine Finance (Master) Fund II (“Red Kite”) with XCG subscribing for $10M and Red Kite $5M.
It is said that no one rings a bell at the bottom or the top of the market. However, what you tend to see instead are bull and bear traps designed to ensure that even if traders have correctly called the turning point correctly, there is such a rocky ride that they are liable to be stopped out.
I found the comment by Tom Winnifrith in his Video Postcard that technical analysts tend to make calls on the basis of momentum - long at the top / short at the bottom somewhat erroneous.
EMED (EMED) issued a rather wordy statement on Wednesday which is on balance good news.
Clearly, the recent Cyprus banking debacle, otherwise known as The Template for future depositor gullibility was not exactly a positive advertisement for anyone / anything associated with the Eastern Mediterranean.
An EGM held in Toronto on December 19th has given approval for Aim and TSX listed copper mine developer EMED (EMED) to go ahead with a $50 million financing package from metals group Red Kite including a share investment at 14.8p. Shareholders have also been treated to an update on the development of the Spanish Rio Tinto project from CEO Harry Adams.
Regulatory approval for EMED Mining (EMED): Great news we have been waiting so long for this news. But sadly this is not the final Spanish permits needed to get the giant Rio Tinto copper mine underway but news from Slovakia. Meanwhile broker Fox Davies reckons that the shares could treble from 10.625p to 32p. I think it is correct. But to Slovakia first.
EMED Mining (EMED) the AIM and TSX listed developer of a large copper mine in Spain has today announced that it has secured a $50 million financing and an offtake deal from commodities giant Red Kite. This is a monumental step forward for EMED and really is very good news indeed.
AIM listed EMED (LSE:EMED) has been on the point of starting to build a huge copper mine in Spain for ages. But getting the consents needed seems harder than finding a 17 year old virgin in Romford. And EMED is still not there.
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