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Quick Take: Reviving a Former Rio Tinto Mine

NEW YORK ( TheStreet) -- The recent hardship in the metals market hasn't stopped EMED Mining Public Limited's CEO Harry Anagnostaras-Adams from going after a copper mine in Spain formerly owned by Rio Tinto (RIO), he told TheStreet's Joe Deaux.

The mine had been shut down for 10 years, he said, and after a lot of legal issues and haggling, EMED is ready to get to work.

Although construction has been pushed back from this summer to the end of December, that shouldn't be a problem for the miner since most of the roads and plants are already in place.

The mine reportedly has about $20 billion worth of metal consisting of mainly copper, but with some silver and gold as well. Anagnostaras-Adams said the first mine the company would pursue would mainly consist entirely of copper. Later, multiple mines containing more precious metals will be pursued.

Despite the recent plunge in metal prices, this is not the reason that he's holding back from mining the more expensive metals first. Over the long-term, he said the prices should be fine and that the project will be very profitable.

"The price gyrations are quite non-material to this project," he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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