Ormonde share move raises €1.3m
The Co Meath-based firm said yesterday that the proceeds of the placing will enable it to commence the definitive engineering work — at its Barruecopardo tungsten project near Salamanca — required “to allow for the placement of process plant priority equipment orders”.
Management has already received town and provincial approval to begin drilling at Barruecopardo and is just awaiting to pass the final hurdle: formal regional permission, which would give the project the green light. It is thought Barruecopardo could generate nearly $30m in operating income every year, once commercial, and could supply 8% of all tungsten sourced outside of China, the leading global supplier of the metal.
