Almonty loses interest in Ormonde Mining

Canadian mining firm Almonty Industries says it has no remaining interest in Co Meath-based company Ormonde Mining now that the latter has approval to proceed with its planned partial sale of its flagship asset.

Ormonde yesterday received 94% shareholder backing for a funding plan for its Barruecopardo tungsten project near Salamanca in western Spain. The plan will see US private equity firm, Oaktree Capital Management provide €90.4m in project financing in return for a 70% equity stake.

Attracted by Barruecopardo, Almonty recently approached Ormonde with a €27m non-binding takeover proposal, which was ultimately rejected by the Irish company’s board. While Ormonde had expressed doubt that Almonty could finance such a deal, the Canadian business last week claimed it had the funds in place.