Explorer rejects €26m bid

Ormonde Mining, the Meath-based mineral exploration company, has rejected a $35m (€26m) takeover approach from Canada’s Almonty Industries.

The Irish firm’s management has described the unsolicited approach as being “speculative, opportunistic, and lacking in both strategic and economic merit for Ormonde shareholders”.

Almonty considers itself a world leader in tungsten mining and has two live projects in Spain, where Ormonde has its flagship tungsten mine.