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. Follow @BretKenwell