Ormonde Mining (LON:ORM) has signed off its finance packge for the Barruecopardo tungsten project with US group Oaktree.
A first tranche of US$25mln of equity has been received as part of the US$99.7mln package.
Detailed engineering design works are now being carried out by Fairport Engineering while final negotiations of a Stage 3 construction management contract are being completed.
Kerr Anderson, Ormonde's managing director, said: "Activities that commence the project's development timeline have now been initiated, with commissioning targeted by the end of 2016. "
Oaktree will take a 70% stake in the project through US$44.2mln of new equity with the remainder to come from US$55.5mln of project debt.