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REGIONAL NEWS - EUROPE Work on the Rio Tinto Copper Project to Begin this Year EMED Mining recently provided an update for its Rio Tinto copper project in Spain. "We recently had a series of meetings between our board of directors and the representatives of the Andalucian Government who oversee the regulatory process for our Rio Tinto Copper Project," said Harry Anagnostaras-Adams, managing director and CEO for EMED Mining. "We are pleased to have satisfactorily discussed the proposed conditions of approval and the process for formalizing permission to start the project works. It seems that all key stakeholders are working to allow works to be triggered in the second half of 2013." EMED maintains the target date of the end of 2015 for establishing initial base case production of 37,000 metric tons per year (mt/y) copper-in-concentrate, with construction starting during the second half of 2013 and production beginning in the second half of 2014. Raw Materials Policy Must Embrace Efficiency, Competitiveness When it comes to raw materials, European Union (EU) regulators must focus on ensuring consistency between policy goals so as to enhance innovation and competitiveness, according to European lawmakers and experts at the third Annual Raw Materials Conference. Hosted by the Nickel Institute, a nonprofit representing 23 companies producing more than 75% of global output, the Brussels conference convened top industry representatives and policymaking officials to formulate best practices for raw materials across Europe. "Saving energy, raw materials, process inputs and enhancing recycling are essential for our member companies," said Nickel Institute President Kevin Bradley. A worldwide strategy is crucial. "Nickel—containing stainless steel—is durable, corrosion-resistant, has a long lifespan and can be fully recycled, all properties which contribute to resource efficiency," he said. "The EU competes with the U.S., China and the rest of the world. We need a level playing field—not just a European one. It is in the interest of European jobs, innovation and competitiveness to ensure that EU policymakers focus on practical synergies." 36 E&MJ; • APRIL 2013 ALROSA Sells Off Majority Interest in Timir Prospect Russian diamond mining company ALROSA and EVRAZ plc signed an agreement to sell the diamond miner's controlling stake in OJSC Timir to EVRAZ. The transaction amounts to RUB 4.95 billion (about $160 million) to be paid in several installments. At completion, EVRAZ will receive 51% stake in Timir, OJSC Alrosa will own 49% minus one share and Vnesheconombank (VEB) will receive one share. The transaction was approved by the supervisory board of ALROSA in September 2012. "The Timir project has obtained a strategic investor represented by EVRAZ, which has extensive experience in mining and processing of iron ore. The emergence of such a partner as EVRAZ will boost Timir progress. ALROSA will continue to participate in this project and finance the development of the deposits in accordance with its share in the capital," Fyodor Andreev, president of ALROSA, said. OJSC Timir currently holds licenses for four iron ore deposits (Tayozhnoye, Desovskoye, Tarynnakhskoye and Gorkits- After selling its majority stake in the Timir diamond project, ALROSA will hold a 49% interest, minus one share, and will continue to finance development of the project's first stage, a surface mine at the Tayozhnoye deposit in Yakutia. koye) in the southern part of Yakutia in Russia with total mineral resource base under the Russian geological classification of 3.5 billion metric tons (Russian geological categories of A+B+C1). The first phase of the Timir project involves development of the Tayozhnoye deposit with total mineral resources under the Russian geological classification of 341 million mt of iron ore (Russian geological categories of A+B+C1) and grades of 38%–40% Fe. The mining capacity of the Tayozhnoye open pit is estimated at 15 million mt/y of iron ore. Total investments in the first phase of the Timir project are estimated to approach $1.8 billion during the period 2013–2018. The Tayozhnoye deposit is located 150 km north of the city of Neryungri, an industrial center in the southern part of Yakutia, and near existing infrastructure—railroad, power grid and a paved road. According to ALROSA, implementation of the Timir project should eventually create 11,000 new jobs including 4,000 positions at the Tayozhnoye ore mining and processing plant. Glencore Pushes Back Xstrata Merger Glencore again extended the date by which it expects to close its merger with Xstrata, due to the ongoing investigation into the deal in China, according to Reuters. Glencore has been waiting for several months for China, the biggest buyer of the materials it trades and mines, to give the go-ahead before it can complete its $35billion acquisition of miner Xstrata. Glencore said it had held constructive discussions with China's Ministry of Commerce, or MOFCOM, but that it had pushed the deadline date back to May 2 because it did not expect to have the final approval in time for its previous deadline of April 16. The merger date has been pushed back several times, with Glencore saying in March that MOFCOM was focusing its attention on copper. MOFCOM is the only one of the world's major watchdog agencies to take national industrial policy into consideration in its decisions. www.e-mj.com