Ormonde Mining PLC - Barruecopardo Update
("Ormonde" or "the Company")
Update on Barruecopardo Progress
· An independent review by
· An independent review of the tungsten market by
· Recent dialogue between Ormonde and the Authorities in Castilla y Leon re-confirms that the documentation for the mining concession is in its final stages. The Company has now however been informed by the Authorities that, in parallel, a review of the historic mining concessions (Barruecopardo was last operated in the 1980's) is being completed and this will result in the conclusion of the permitting process in late June-July, being later than had been previously anticipated.
· Engineering design work by
"Good progress has been made over the past weeks at our flagship Barruecopardo tungsten project, with the advancement of important engineering design works and the completion of supporting reviews and studies required for the planned senior bond financing. The final stages of permitting nears completion and based upon very recent meetings with the Authorities we now anticipate that this should be achieved in late June-July. This does not affect Ormonde's ongoing development plans for Barruecopardo including its planned senior bond financing."
Preparations for Bond Finance
The review has concluded that, in AMC's opinion, there has been no material change in the likely costs since the 2012 DFS cost estimates and therefore AMC does not consider there to be a requirement to update the DFS cost estimates. The estimated differences in costs between the updated estimates and the DFS cost models are -1.3% for operating costs and -5.0% for capital costs. Such slight decreases in costs fall within the feasibility study accuracy level.
Tungsten Market Report
Following recent communications with the
Engineering Design Works
Following the awarding of the Engineering Design Contract to
Extraordinary General Meeting and Annual Report and Accounts
Ormonde's Extraordinary General Meeting convened in connection with the completion of tranche 2 of the recent placing of new ordinary shares is being held in
The Annual Report and Accounts in respect of the year ended
Note: (1) Ammonium paratungstate (APT) price in
Davy (Nomad / ESM Adviser)
Eugenée Mulhern /
A glossary explaining technical terms contained in this announcement can be found at www.ormondemining.com/en/investors/technical_glossary.
For more information please visit www.ormondemining.com or follow Ormonde on Twitter https://twitter.com/ormondemining or Linkedin http://www.linkedin.com/company/ormonde-mining-plc
Ormonde's key activities include:
Barruecopardo Tungsten- Ormonde is developing a low cost mining operation at Barruecopardo to become a major, secure European supply of tungsten. Following the completion of a Definitive Feasibility Study and submission of permitting documentation in 2012, the Environmental Permit for the Project was received in early 2014, followed shortly thereafter by the signing of a 5 year offtake agreement with
Gold Projects in several highly prospective areas of western Spain which includes its joint venture agreement with Aurum Mining plc (AIM: AUR).
This information is provided by RNS
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