Profits for the year were €2.07mln (loss €1.63mln) with €557,000 revenues also received in management fees
Tungsten ammonium paratungstate (APT) prices have recently risen to US$210 per tonne. Ormonde Mining plc (LON:ORM) said recent legal developments have provided greater clarity on the development of its Barruecopardo tungsten mine in Spain.
The good news is the objection to the compulsory land purchase plans has been thrown out, but the bad news is there could be an appeal against the verdict
‘Significant potential’ identified to substantially extend Salamanca mine
“There is significant potential to substantially extend the mine life at Barruecopardo underground”
Ormonde will prioritise works on lands where it has full access and will temporarily defer works elsewhere
The money’s in the bank, the permits are falling into place, and major items of plant will shortly be ordered. It all seems to be falling into place for Ormonde Mining (LON:ORM), which after a slow start on the markets many years ago has gradually been building up a head of steam at its Barruecopardo… READ MORE
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.