EMED Mining taps Goldman Sachs for $175 million of project financing

By Lisa Kerner

Charlotte, N.C., March 5 - EMED Mining Public Ltd. announced that it will arrange up to $175 million of financing in the form of a copper presale agreement with Goldman Sachs International. The funds will be used to restart the Rio Tinto copper mine.

Under the terms of a nonbinding agreement, EMED Group would be provided with an upfront payment of up to $175 million. EMED Mining would deliver the equivalent value of copper to Goldman Sachs on a monthly basis over a seven-year term, according to an EMED news release.

The financing complements recently announced capital and copper sale arrangements planned with smelter group Yanggu Xiangguang Copper Co. Ltd., EMED said.

EMED is a minerals development and exploration company based in Nicosia, Cyprus.

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