Ormonde Mining plc is a mineral resource company with interests in Spain.
The Company’s vision is to be a successful, reputable natural resource company, committed to the responsible development of mining projects and the creation of value for our shareholders, employees and host communities.
On 8th January 2020, Ormonde announced the proposed sale of its 30% interest in the Barruecopardo Tungsten Mine for a cash consideration of €6 million. The proposed sale is conditional on shareholder approval at an extraordinary general meeting to be held in February 2020. Further details can be found in the Circular.
Ormonde’s other interests include a joint venture participation in several prospective areas of gold exploration in western Spain, new gold permit applications in another area of western Spain, and its interests related to the La Zarza copper-gold project in the Iberian Pyrite Belt.
Ormonde’s shares are traded on the Alternative Investment Market in London and Euronext Growth market in Dublin. The Company’s headquarters are in the Republic of Ireland.
Barruecopardo Tungsten Project
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
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.
Our Management Team
Mike Donoghue
Chairman and Interim Managing Director
A mining engineer by profession, Mike has wide experience in the evaluation, funding, development and operation of mines in Europe, Africa, South-East Asia, Australia and the Americas. His executive management experience includes an eight-year period as General Manager – Operations for Delta Gold NL, Australia. Mike was appointed Chairman of Ormonde in April 2004 and is a member of the Remuneration and Audit Committees.
Paul Carroll
CFO
Paul is an experienced Chartered Certified Accountant with 9 years experience in the mining sector in the areas of corporate development, finance and investor relations. In his initial role as Ormonde’s Corporate Development Manager, Paul played a lead role in discussions and negotiations in relation to the financing of the Barruecopardo Project and was subsequently appointed to the role of CFO in 2015. Prior to joining Ormonde, he gained wide ranging corporate experience in CFO/Financial Controller roles including within the digital media and financial services sectors.
Fraser Gardiner
COO
Fraser is a geologist with 20+ years of experience in the mineral exploration and mining industry. After starting his career on gold discovery programmes and resource delineation projects in Bulgaria, Fraser worked for Ormonde from 2002-2010 on all the Company’s projects including the Barruecopardo Tungsten Project, and was a director of the Company from 2005-2010. Fraser then spent three years as Exploration Manager in Saudi Arabia for Barrick Gold Corporation and two years as Exploration Manager in Laos for a private mining business, prior to re-joining Ormonde as Chief Operating Officer in August 2017.
Board of Directors
Mike Donoghue
Chairman and Interim Managing DirectorA mining engineer by profession, Mike has wide experience in the evaluation, funding, development
John Carroll
Company Secretary & Non-Executive DirectorJohn is a chartered secretary with over 30 years experience including seven years as a manager with
Jonathan Henry
Non-Executive DirectorJonathan was President and Chief Executive Officer of TSXV-listed Gabriel Resources Ltd. from June