leadf
logo-loader
viewOrmonde Mining PLC
(
AIM:ORM
)

Ormonde adjusts Barruecopardo timetable due to tungsten price

Ormonde now envisages commissioning will take place in mid -2018

picture of tungsten filaments
Tungsten price has rallied a little

Ormonde Mining plc (LON:ORM) has put back the commissioning of its Barruecopardo tungsten mine due to the weakness in the price of the metal.

Originally scheduled for the end of next year, Ormonde now envisages commissioning will take place in mid -2018.

Tungsten has struggled over the past year and even though the price has rallied 20% since January, Ormonde is not predicting any significant improvement in the short-term though is still optimistic further out.

The junior’s debt facilities have been amended to reflect the new timetable and a management fee due to the company has been reduced by 25% to E750,000 per year until there have been two full quarters of positive cash flow.

In addition, Ormonde has completed the compulsory acquisition of all of the land necessary to build the mine.

Steve Nicol, Ormonde's managing director, said the land acquisition removed land risk from the development schedule.

He added that the decision to reschedule the timeline was make sure the project comes online into a strengthening tungsten price environment.  

Quick facts: Ormonde Mining PLC

Follow
AIM:ORM

Price: 0.8 GBX

Market Cap: £3.78 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Skinny Drinks Group new Managing Director Kavita Healy presents 'phenomenal...

Skinny Drinks Group new Management Director Kavita Healy joins Proactive London to talks about her background and ambitions for the company having joined the company at the end of June.  Sixty days into the job, Healy has already overseen moving into brand new headquarters which houses their...

31 minutes ago

2 min read