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Ormonde Mining expects mining of main orebody at Barruecopardo to start this year

Initial shipments of tungsten concentrates and sales should start within the next few weeks.

Ormonde Mining plc - Ormonde Mining expects mining of main orebody at Barruecopardo to start this year

Ormonde Mining plc (LON:ORM) expects to achieve access to the main ore body at its Barruecopardo tungsten mine in Spain by the end of the year.

Operator Saloro has started its ramp-up operation and initial shipments of tungsten concentrates and sales should start within the next few weeks.

The original plan was revised following lower grades than expected but mining of the southern starter pit and east wall cutback has been going well, said today’s statement.

A €10mln loan finance is being negotiated between Saloro and Oaktree Capital to provide additional liquidity during the ramp-up phase.

Mike Donoghue, chairman and interim managing director, said: "The first half of 2019 was a pivotal period for Ormonde and its 30% interest in the new Barruecopardo Tungsten Mine, as construction was completed and Saloro began to ramp-up mining operations.  

"This progress is set against a backdrop of an improving tungsten market, with reported tight spot market availability, and the successful auction of Fanya APT stocks in mid-September."

Ormonde posted a loss €1.18mln (€411,000 loss) for the six months to June. Cash at the half-year was €312,000.

Quick facts: Ormonde Mining plc

Price: 1.165 GBX

AIM:ORM
Market: AIM
Market Cap: £5.5 m
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