viewOrmonde Mining plc

Ormonde Mining's JV tops up loan facility at Barruecopardo mine

Oaktree’s original US$100mln loan will also be accrued in full, at a rate of 15%, over new loan’s 12-month term. 

Ormonde Mining plc -
The mine at Barruecopardo

Ormonde Mining plc’s (LON:ORM) joint venture running the Barruecopardo tungsten mine has raised a further €US$10mln in debt finance from principal backer Oaktree.

The Term Loan provides Saloro with additional liquidity support as it establishes mining operations on the main orebody at Barruecopardo, Ormonde said.

Saloro can draw in tranches of at least €500,000 with interest at a rate of 18% per annum on drawn funds and a 3% pa commitment fee on undrawn amounts.

The JV has the option to replace the loan with cheaper sources of finance and discussions are underway with third-party banks.

Oaktree’s original US$100mln loan will also be accrued in full, at a rate of 15%, over new loan’s 12-month term. 

This will revert to 7% cash interest and 5% payment in kind (PIK) interest at the end of this period, should certain financial covenant tests be achieved, or 7% cash interest and 7% PIK interest if tests are not achieved.

Ormonde has 30% stake in Saloro with Oaktree owning the remainder.

Quick facts: Ormonde Mining plc

Price: 0.565 GBX

Market: AIM
Market Cap: £2.67 m

Add related topics to MyProactive

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


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...



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