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Ormonde Mining plc

Ormonde looks forward to February start up at Barruecopardo tungsten mine

The project is on schedule and on budget with tungsten production to start in February

oil and gas operations
Everything is coming together at Barruecopardo

Ormonde Mining Plc (LON:ORM) continues to look forward to a February start-up at its 30% owned Barruecopardo tungsten mine.

The company, in a stock market statement, told investors that development schedule at the Spanish project has progressed in line with previous guidance.

It added, significantly, that the projected construction costs remain within the budget of €53.6mln.

READ: Tungsten prices are on the rise and Barruecopardo is proceeding apace

"With substantial progress made on construction activities during the quarter, the project has now entered a transition period as construction activities begin to wind down and mine commissioning activities ramp up significantly,” said Michael Donoghue, Ormonde’s chairman and interim managing director.

Recent progress has seen the commissioning of the crush and screen plant near completion, the completion of the water treatment plant and the dewatering of the historic pit is ongoing with over 100,000 cubic metres (about 10%) pumped from the pit to the water dams.

At the processing plant, the installation of equipment and supporting structures are said to be almost complete, pipe and electrical installation are described as very advanced and the commissioning has begun for some circuits.

Contracts have been awarded for the open pit mining, and, the workforce is being hired a trained.

Donoghue added: “It is particularly pleasing to have recently completed the recruitment of the first wave of plant operators, and to see the commencement of process plant commissioning.”

Quick facts: Ormonde Mining plc

Price: £0.02

Market: AIM
Market Cap: £11.58 m
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Watch

Ormonde Mining's Steve Nicol upbeat as Barruecopardo tungsten mine continues...

Ormonde Mining managing director Steve Nicol sat down with Proactive Investors to talk us through the busy phase of work currently underway as the development of the Barruecopardo tungsten mine progresses towards completion. Fully funded, fully permitted and on track for a 2017 start up,...

on 26/7/16

2 min read