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.
