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Ormonde Mining's La Zarza sale hits snag

Published: 16:37 16 May 2013 AEST

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Ormonde Mining’s (LON:ORM) planned disposal of its interest in the La Zarza copper project in Spain has hit a hiccough, though a deal may still be completed.

Ormonde entered into an option agreement with Spanish group Nueva Tharsis in February to sell the asset to an unnamed third party.

That option expired on 15 May without being exercised, though according to Nueva Tharsis, negotiations are still ongoing with third parties and a transaction may still be completed.

Under the terms of the February agreement, Ormonde's wholly-owned subsidiary Ormonde España (which holds the interest in La Zarza) agreed to collaborate in its disposal as part of a larger package of mining assets being sold by Nueva Tharsis.

The option agreement was for Ormonde to contribute the entire share capital of Ormonde España to the package for a consideration of €5mln.

Ormonde's flagship is the Barruecopardo tungsten project, which is also located in Spain.


 

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