EMED Mining has produced the first copper concentrate from its new Proyecto Riotinto copper mine, in Spain, after securing the final permit for mining in July. The mine is now ramping up to its Phase 1 ore production rate of 5 Mt/y and management expects to be able to expand this by 50% by the end of H1 2016. At the 7.5 Mt/y rate, the mine will produce 37.5 kt/y of copper in concentrate.
In H1 2015, the company raised almost £65 million to fund the capital investment for the expansion to 7.5 Mt/y capacity. Ultimately the company plans to expand production to 9 Mt/y (45 kt/y copper in concentrate) by the end of 2016.
The mine is forecast to produce copper at a C1 operating cost of US$1.56/lb metal.
The mine has reserves of 123 Mt at an average grade of 0.49% copper for 600 kt of copper contained.
EMED produces first copper concentrate from its Spanish mine: EMED