The Barruecopardo Project is a low cost, simple mining and simple metallurgy tungsten project, located in the safe and stable location of Western Spain. Ormonde optioned Barruecopardo in 2006 and since then has successfully defined, designed, permitted and funded the Project. The funding for the Project was agreed with Oaktree Capital Management in 2015 and consists 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%.
The Project has now entered the development stage of a mining and processing operation which, after commissioning, will produce ~260,000 metric tome units of WO3 of steady state production, scheduled for Q4 2018.
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 is currently President and Chief Executive Officer of TSX-listed Gabriel Resources Ltd.