Steve Nicol has been named as the new managing director of Ormonde Mining (LON:ORM) following the untimely death last month of Kerr Anderson.
Nicol had been acting as interim managing director since Anderson’s death and was previously the chief operating officer.
Meanwhile, as the company moves towards tungsten production at its Barruecopardo project, Paul Carroll has been appointed chief financial officer with immediate effect. Carroll has been a corporate development manager at Ormonde for the last three years.
Ormonde has also added mining industry and corporate finance veteran Jonathan Henry to the board as a non-executive director.
The announcements accompanied the mine developer’s half-year results, which saw the company move into profit on the back of a €3.40mln gain from the disposal of a 70% interest in the Saloro SLU project company as part of the deal that saw Oaktree Capital provide financial backing for the company’s Barruecopardo project in Salamanca, Spain.
Profit before tax was €2.56mln versus a loss of €1.11mln in the first half of last year.
“I am now most pleased to inform shareholders that the development stage for the mine is underway, with commissioning targeted to commence late in 2016," revealed Michael Donoghue, chairman of Ormonde.
Shares in Ormonde were off 0.07p at 1.60p in lunch-time trading.