Emerita remains upbeat amid court developments in Spain...
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The company has maintained it was the only qualified bidder in what it's alleged was a flawed 2015 tender process, which awarded Aznalcollar to Minorbis-Grupo Mexico.
Emerita said on October 6 the Provincial Court No 3 of Seville had rejected a "last ditch" appeal by the accused in the trial relating to the awarding of the Aznalcollar public tender.
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"The judge has confirmed her previous ruling that the trial should proceed to the final phase which includes sentencing of the guilty parties. The court has reconfirmed that crime(s) have been committed," Emerita said at the time.
Media coverage since has stated prosecutors were requesting acquittal for the 16 accused, saying there was no evidence of crime in their actions, according to a translated report.
Yesterday, Emerita said the Seville court's resolution to commence with the oral trial of the accused in the upper courts "was expected but is encouraging, as it indicates the case is progressing".
"Most significantly in [Emerita's] counsel's view is that the court did not have a lot more to say about the substance of the case and has ruled to advance the case to the upper court without delay," the company said.
It was also recently advised the Andalucia Administrative Court was set to make a ruling in a separate administrative case, filed by Emerita in 2015 when it claimed the tender process was unfair, arbitrary and inconsistent with laws.
It understood this was a positive development as the court had the authority to award Aznalcollar to Emerita.
"The company will provide further details of the Upper Court's and the Administrative Court's rulings as they unfold," Emerita said yesterday.
It's aiming to be the next dominant zinc explorer and developer and says Aznalcollar is "one of the world's best undeveloped zinc deposits".
The project also contains the past-producing Los Frailes deposit, which was in production for less than two years when a tailings dam failure along with low metal prices forced the former operator to shut the project down.
Spain-focused Emerita also has the Iberian Belt West project, which it was officially awarded last year.
Emerita raised more than C$20 million at $1.10 per unit in July, for exploration in Spain, working capital and general corporate purposes.
Its shares (TSXV: EMO) have soared from about 15c a year ago to reach $4.14 last week.
They closed down 8.5% yesterday to $3.54, capitalising it at $648 million (US$520 million).