EMED Mining agrees US$175 mln project funding deal with Goldman Sachs

EMED Mining has agreed a deal with banking heavyweight Goldman Sachs in relation to a US$175 migold mine for sale australia northland new zealandllion financing package for the development of the Rio Tinto copper mine in Andalucía, Spain.

The deal will be a copper pre-sale agreement, EMED says. Goldman will give EMED a US$175 million upfront payment. And in return EMED will deliver the equivalent value of copper once the Rio Tinto mine is up and running, by making monthly deliveries over a seven year period. At current prices the amount of copper payable to Goldman equates to around 15 per cent of the mines expected production during that period. Today’s deal follows last month’s agreement with Chinese firm Yanggu Xiangguang Copper. The Chinese firm invested US$30 million, through equity and debt, and in return it got a 10 per cent stake in the...