logo-loader
viewOrmonde Mining plc

Ormonde Mining heartened by improved grades at Barruecopardo

The mine operator Saloro, in which Ormonde has a 30% stake, is close to finalising a €10mln, 12-month loan facility with Oaktree Capital Management;

Barruecopardo processing facility
The Barruecopardo processing facility

Ormonde Mining plc (LON:ORM) has experienced improved mined ore grades at its Barruecopardo tungsten mine in Spain.

The mine, which is still in the ramp-up phase, has seen grade improve as mining in the southern starter pit moves downwards to fresh ore and northwards to the main orebody, Ormonde said.

The company added that significant progress on waste stripping of the east wall cutback has been achieved, as a result of which initial access to the main orebody should be gained early in the fourth quarter.

The mine's saleable concentrate inventory has been building during the initial months of operation, with Saloro, the operator of the mine in which Ormonde has a 30% beneficial interest, preparing initial shipments of tungsten concentrates for sale within the next weeks.

"While still early in the ramp-up phase, it is encouraging to see that tungsten grades in the mine have been improving and that the waste stripping required to allow Saloro access to more continuous and higher grade fresh tungsten ore, in the main orebody, has seen significant progress,” said Michael Donoghue, Ormonde’s chairman and interim managing director.

The company also commented on the successful auction of stocks of ammonium para-tungstate (APT) from the now-closed Fanya Metals Exchange in China to a single Chinese tungsten company, saying it saw this as a positive market development.

"The recent, successful auction of Fanya APT stocks, and reported tightness of available tungsten material for prompt delivery, are leading to improved market sentiment, which may prove both timely and positive for Saloro as it continues to ramp up operations,” Donoghue suggested.


 

Quick facts: Ormonde Mining plc

Price: 2.1 GBX

AIM:ORM
Market: AIM
Market Cap: £9.92 m
Follow

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...

In exchange for publishing services rendered by the Company on behalf of Ormonde Mining plc named herein, including the promotion by the Company of Ormonde Mining plc in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

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