Ormonde Mining targets live mine by end of 2016

Commissioning of Ormonde Mining’s flagship Barruecopardo tungsten project, in western Spain, is targeted for the end of next year.

The Co Meath-headquartered mining firm yesterday announced that the first tranche of the agreed investment into Barruecopardo, by US private equity firm, Oaktree Capital Management, was received at the end of last week. The payment covers the first $25m of a $99.7m investment which will, ultimately, see the US company take a 70% stake in the asset.

Ormonde is currently completing final negotiations regarding ‘stage 2’ detailed engineering design works, which is required to enable the procurement of key equipment, while final negotiations on a ‘stage 3’ construction management contract are also being concluded.