Barruecopardo is a low cost tungsten project located in the safe and stable location of western Spain. Ormonde acquired Barruecopardo in 2005 and since then successfully defined, designed, permitted and arranged funding for the Project. This was agreed with Oaktree Capital Management in 2015 and consisted of a robust package of equity – US$44.4 million, and debt – $55.5 million. Ormonde retains 30% of the Project with Oaktree holding 70%.
Having developed and commissioned the mine, together with our joint venture partner, Oaktree, the Project is now transitioning into a one year ramp-up period, following which it is forecast to produce ~260,000 metric tome units of WO3 per year at steady state production.
Tungsten is an industrial metal with critical properties which include having the highest melting point, lowest vapour pressure and highest tensile strength of all metals. These and other properties result in there being limited or no substitutes available for most of its key applications, which include its use in the high speed cutting, drilling, pressing and moulding of materials of all types and strengths.
A mining engineer by profession, Mike has wide experience in the evaluation, funding, development
John is a chartered secretary with over 30 years experience including seven years as a manager with
Jonathan was President and Chief Executive Officer of TSXV-listed Gabriel Resources Ltd. from June