Owner of Spain's Riotinto copper mine plans move to the LSE's main board
Sunday 25 July 2010
Emed Mining, the owner of the 5,000-year-old Riotinto copper mine in south-west Spain, is considering a move to the main board of the London Stock Exchange.
The group is currently listed on the Alternative Investment Market, the junior exchange, and is in the middle of a dual flotation on the Toronto board. However, it is looking at a London promotion as it gets closer to permission to start production at Rio Tinto, which could be worth $200m a year in revenue from the end of 2011.
Emed's finance director, John Leach, said: "Moving to the main board is on the agenda and we will evaluate later in the year. It's not a bad idea. I think it's a natural for us."
The Toronto listing has been designed to get company shares into the hands of more retail investors. About 80 per cent of the company is owned by just two-dozen shareholders.
Emed will put its final technical plan for the development of the mine to Spanish officials this week.
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