Proactive Investors - Run By Investors For Investors

Ormonde Mining gets shareholder approval for Oaktree financing

A mining concession has already been granted for Barruecopardo  and production is scheduled to begin in late 2016. 
Ormonde Mining gets shareholder approval for Oaktree financing
The re-development of the Barruecopardo mine can now advance

Ormonde Mining (LON:ORM) shareholders have given their seal of approval to Oaktree Capital’s proposed project financing for the Barruecopardo tungsten project in Salamanca, Spain.

As a result Oaktree will now provide around US$100mln to finance the Barruecopardo development, and in return it will receive a 70% stake in the mine.

More than 93% of votes cast at Ormonde’s Extraordinary General Meeting, in Dublin, were in favour of the transaction. Some 200.2mln votes were cast, which represent just 42.3% of Ormonde’s issued share capital.

Ormonde’s board backed the Oaktree proposal rather than a rival takeover approach from Almonty, which was offering at a premium price of 4.25p per share, 

“I am pleased with the significant support from shareholders for the Oaktree financing and would like to thank shareholders accordingly,” said Ormonde chairman Mike Donoghue.

“We can now move forward with a comprehensive financing package into the development of Barruecopardo as an important tungsten mining operation.”

Oaktree will have a majority of members on the board at Barruecopardo, but key decision making will be made jointly, chief executive Kerr Anderson told Proactive Investors last month, and Ormonde will manage the project at the operating level. 

A mining concession has already been granted and production is scheduled to begin in late 2016. 

The two companies may also co-operate on other tungsten projects, he said.

Why Invest In Ormonde Mining plc? Read More Here

Register here to be notified of future ORM Company articles
View full ORM profile

Ormonde Mining plc Timeline

September 30 2016
February 29 2016

Related Articles

Mkango looking at long term production potential In Malawi
Outlined at Songwe Hill is already an inferred and indicated resource of 32mln tonnes of rare earths
Kibo brings global power and construction heavyweights into the picture at Mbeya
September 19 2016
Kibo Mining is signing up some big names to help it develop the Mbeya coal and power project in Tanzania
Pink diamond
March 28 2016
Tango Mining is to borrow C$30mln to finalise the acquisition and restart operations at the BK11 Kimberlite Diamond Mine in Orapa, Botswana, it was announced earlier this year.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.