EMED Mining’s Cyprus impact reduced
TORONTO (miningweekly.com) – Toronto- and London-listed EMED Mining has said it expects its exposure to the restructuring of banks in Cyprus to be about €110 000, which was €160 000 less than previously thought.
The Europe-based company on Tuesday said that when Cyprus temporarily suspended its banking operations on March 18, the company held €210 000 in a current account of a Cypriot bank for payment of local expenses. Other deposits were held in other banks.
On March 19, the company formally advised shareholders of the potential impact of up to €270 000 of one-off levies then proposed by the authorities.
Based on the subsequently revised restructuring of the banks, announced by the authorities on March 25, the potential impact on EMED was reduced to €110 000, which had since been set aside to cover losses of a local bank.
EMED believed that the company's other deposits were not exposed to the restructuring of banks in Cyprus.
In Cyprus, EMED is focused on exploration areas on the Troodos-ophiolite complex. Activities were targeting a mineralisation style consisting of volcanic-hosted massive-sulphide copper deposits under shallow cover rocks, similar to the larger past Cyprus copper mines, three of which had more than ten-million tons of ore graded between 1% and 4.5%.
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