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Ormonde Mining updates on Barruecopardo mine as tungsten sales to international buyers complete

More tungsten shipments are being prepared for buyers and the ramp-up of the mine continues.

Ormonde Mining plc - Ormonde Mining updates on Barruecopardo mine as tungsten sales to international buyers complete
Mining operations began at Barruecopardo earlier this year

Ormonde Mining plc (LON:ORM) told investors that sales of 20-tonne shipments of tungsten concentrate produced from the Barruecopardo mine in Salamanca, Spain, have recently completed with international buyers.

Further containers are presently being prepared for sale.

These sales are described as important milestones as the Barruecopardo ramp-up continues.

Barruecopardo is designed to yield some 260,000 tonnes of tungsten trioxide contained in concentrate each year once the ramp-up phase is complete and the mine is in full production.

READ: Ormonde Mining's JV tops up loan facility

Oromonde owns a 30% stake in the mine.

Michael Donoghue, chairman and interim managing director, said: "The completion of initial tungsten concentrate sales from the Barruecopardo Tungsten Mine to international buyers represents an important milestone for both Saloro and Ormonde.”

“The commencement of related revenues is a positive for Saloro and the mine and these are expected to ramp-up as the transition into the main orebody continues over the coming period. "

Mining progress

Ormonde noted that there has been a delay in the initial access to south end of the main orebody. It had been anticipated by early in the fourth quarter, but the mining team encountered old, backfilled, undocumented mine workings in the southern starter pit, where high grade tungsten mineralisation had been expected.

Mining operations have reached the base of these workings and ore grades from the main ore-zone are now expected to improve.

The company added though that, as mining advances northwards, the ore depletion arising from the old workings will continue to have an impact on ore feed grades until mining reaches the continuous section of the high grade main orebody below the historic pit.

It highlighted that there continues to be a strong emphasis on waste stripping of the east wall cutback, to give access to the full strike extent of the main orebody.

Quick facts: Ormonde Mining plc

Price: 1.9 GBX

AIM:ORM
Market: AIM
Market Cap: £8.98 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