logo-loader

Ormonde Mining ups pace at Barruecopardo construction

Published: 19:20 14 Oct 2015 AEDT

versarien,_tungsten_carbide_561e115762065
Drilling has also started increase the resource at the project in Salamanca is Spain.

Ormonde Mining (LON:ORM) has received building permission and use of lands approval from the local council at its Barruecopardo tungsten development.

Drilling has also started increase the resource at the project in Salamanca is Spain.

In the next quarter, Ormonde said the mine development  focus will be priority 1 and 2 equipment, agreeing a construction management contract and water and environmental works.

Steve Nicol, managing director, said:  "Following receipt of the initial US$25mln equity contribution towards the end of June, Q3 has been a very busy period for Ormonde as the Barruecopardo Tungsten Project moved into its development stage.

Activities on the ground continue to gather pace as the Project moves towards a commissioning date prior to the end of 2016.”

Oaktree Finance is putting up the money to build the mine and will take a 70% stake in the project through US$44.2mln of new equity with the remainder to come from US$55.5mln of project debt. 

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

3 hours, 55 minutes ago