Irish-listed exploration firm Ormonde Mining swung back in into profit in the first-half of 2015 as the Spanish-focused group announced a number of board and management changes following the death of managing director Kerr Anderson last month.
US fund Oaktree Capital is poised to take a majority stake in Ormonde’s Spanish tungsten mine after shareholders in the Irish-listed company voted overwhelmingly in favour of the deal.
Ormonde Mining has secured funding for its Barruecopardo tungsten prospect in Salamanca. US investment group Oaktree has agreed to provide $99.7 million (€90.4 million) which the Irish listed mining group says will cover the development of the Spanish site and part-fund a second stage evaluation of potential underground expansion of the mine.
Since Ormonde took over, a new resource has been worked up, a feasibility study has been completed, offtake agreements signed, and a debt arranger signed up to procure finance.
Ormonde is hopeful the mining concession for its Barruecopardo tungsten project in Spain is imminent
Ormonde Mining (LON:ORM) was also a feature after broker SP Angel rated the shares a ‘buy’ with a punchy target price of 8 pence a share (current price 4.875p).
Ormonde, today said it has awarded the engineering design contract for its Barruecopardo Tungsten Project in western Spain to UK-based Fairport Engineering Limited.
Shares in Ormonde Mining (LON:ORM) shot up on Monday as it reported further significant progress at its flagship Barruecopardo tungsten project in Spain.
Ormonde Mining today said that it has appointed Swedbank Norway as Advisors for its contemplated senior bond of E50m to finance its Barruecopardo Tungsten Project.
Shares in exploration group Ormonde Mining rose sharply in Dublin and London today after it reported progress on the development of its Barruecopardo tungsten project in Salamanca in Spain.