Ormonde Mining cuts losses by 10%
The company’s 2014 results add further positivity to the Ormonde story. Last month, Ormonde’s shareholders voted in favour of a funding deal with US private equity firm, Oaktree Capital Management, that sees the latter take a 70% stake in the Meath-based firm’s main asset in return for a €90.4m/$99.7m investment.
The money will largely fund development of Ormonde’s flagship asset, the Barruecopardo tungsten project near Salamanca in western Spain. The funding comprises $44m of project financing and $55m in debt provision.
