EMED Mining (LON:EMED) (TSE:EMD) is one such company. It held 210,000 euros in a Cypriot current account to pay for local expenses as it hunts for copper and zinc at the Klirou project.
It warned investors amidst the uncertainty of the bailout and its terms of the potential for 270,000 euros of one-off levies that were initially proposed by the authorities.
Based on the banks’ restructuring, it will now cost the company just 110,000 euros, which has been set aside to cover losses of a local bank. It said its other deposits are not at risk.
“The Global Financial Crisis of 2008 and the subsequent international banking crises, including the current Cyprus situation, have not affected the smooth functioning of the company's administration in any of its jurisdictions, including Cyprus where we employ a small team of highly professional staff for accounting, treasury and compliance,” a statement from EMED read.
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