EMED Mining (EMED) will receive $15m from its Chinese partner Xiangguang Copper Co (XGC) as part of an investment package signed last month.

XGC will provide a total aggregate funding package and will hold a 10.9% stake in EMED.

It will invest $15m in equity, buying ordinary shares at 9p each.

EMED announced that the funds for the subscription of the ordinary shares have been received and that it has allotted 105,378,519 new shares.

The news follows the recent deal with Goldman Sachs in relation to a $175m financing package for the development of Rio Tinto copper mine in Andalucía, Spain.

Goldman will give EMED a $175m upfront payment in exchange for the equivalent value of copper once the mine is fully operational.