EMED Mining (LON:EMED) is not expected to run into any further hold ups to the approval process for the start-up of the Rio Tinto copper mine in the Andalucía region of Spain, according to broker Fairfax.
In a quarterly update today EMED told investors that the company has achieved several important goals and it is on track to trigger the processes necessary to start production in the latter part of next year.
The notable achievement was the acquisition of all outstanding lands necessary to operate the mine.
City broker Fairfax highlights that EMED is now progressing towards regulatory approvals in the final quarter of this year, which would allow the mine’s restart at the end of next year.
“EMED has cleared a major hurdle in terms of land ownership and the regulators should now push forward to put approvals in place given the deteriorating employment prospects in Spain and Andalucia,” analyst John Meyer said in a note to clients.
“At this stage we do not see the approval process being held up although there are still ongoing discussions with regulators on requirements such as bonding for environmental and social commitments.”