EMED Mining has formally mandated Goldman Sachs International on an exclusive basis to provide $175m in financing to restart the Rio Tinto copper mine in Spain.
In return, EMED will deliver the equivalent value of copper to Goldman Sachs on a monthly basis over a seven year term in accordance with an agreed schedule.
EMED Mining managing director Harry Anagnostaras Adams said: "The arrangements with Goldman Sachs complement those recently announced with leading Chinese smelter group XGC and together represent more than $200 million of potential additional project funding.
"The Company appreciates the support provided by these organisations, and, next to that of our existing shareholders such as Resource Capital Funds, RMB Resources Australia and Royal Bank of Canada, represents a strong foundation for the development and long term operation of the Rio Tinto Mine."
The funding will be subject to certain conditions including the grant of administrative standing from the Andalucían Government and due diligence by Goldman Sachs.
Caption: Rio Tinto Mine (Proyecto Rio Tinto) in Spain is an open-pit mine Photo: Courtesy of EMED Mining