‘Encouraging results’ for project

IRELAND’s Ormonde Mining said yesterday a preliminary economic evaluation of its Barruecopardo tungsten project in Salamanca, Spain, had produced “very encouraging” results.

Drilling results indicated it could mine one million tonnes of ore from the site, 0.7% or 7,000 tonnes of which would be tungsten, Ormonde said in a statement.

Assuming it could mine 200,000 tonnes a year at a cost of €10 million to €15m and extract from it 900 tonnes of tungsten, the company said it expected operations to generate annual cashflow of about €5m a year.