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Ormonde Mining plc

Ormonde Mining progressing to plan

Chief among the landmarks was the receipt of the declaration of urgent occupation, paving the way for the compulsory purchase of land around the mine.

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Drilling work is underway to assess the potential for an underground mine.

Ormonde Mining plc (LON:ORM) has confirmed that its Barruecopardo tungsten mine remains on track to go into production at the end of next year.

The update was provided in the firm’s interim results, which charted six months of significant progress.

Chief among the landmarks was the receipt of the declaration of urgent occupation, paving the way for the compulsory purchase of land around the mine.

The construction schedule has been agreed, while the engineering design and awarding of processing plant equipment supply contracts is “proceeding in line with budget”.

The company has also launched a drilling campaign to assess the potential for a longer-term underground operation.

Barruecopardo mine is permitted and fully financed to the tune of just under US$100mln.

"We look forward to the full construction stage of the Project once the remaining land access procedural steps have been completed,” said chairman Michael Donoghue.

The company made an operating profit of €120,000 for the six months ended June 30.

Quick facts: Ormonde Mining plc

Price: £0.03

Market: AIM
Market Cap: £13.47 m
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Watch

Ormonde Mining's Steve Nicol upbeat as Barruecopardo tungsten mine continues...

Ormonde Mining managing director Steve Nicol sat down with Proactive Investors to talk us through the busy phase of work currently underway as the development of the Barruecopardo tungsten mine progresses towards completion. Fully funded, fully permitted and on track for a 2017 start up,...

on 27/7/16

2 min read