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Don't have an account? Click here to register.Ormonde buys out junior partner
Mon, 04th Apr 2011 13:03
The market has given the thumbs-up to the acquisition of a 10% interest in the Barruecopardo tungsten project by miner Ormonde Mining, giving it total control of the Spanish asset.The company is buying the minority stake held by its joint venture partner The Society of Mining Investigation and Exploitation of Castilla y León (SIEMCALSA).In total, Ormonde is paying SIEMCALSA €2.8m for the stake over a three year period.SIEMCALSA will continue to work on a consultancy basis with Ormonde's wholly owned subsidiary Saloro as the project develops."Having a 100% interest will also provide the company with flexibility in discussions with relevant parties with regards to options for funding of the capital development stage of this strategic tungsten asset," claimed Kerr Anderson, Ormonde's managing director. Barruecopardo is located in the Salamanca province of the Castilla y Leon Region in North West Spain. The project is a brownfield site as the deposit was previously worked to shallow depths by a series of small open pit workings and one larger open pit from the early 1900s until 1982.---jh
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Ormonde Mining To Raise GBP2.0 Million In Placing
LONDON (Alliance News) - Ormonde Mining PLC Friday said it is to raise GBP2.0 million before expenses in a 50 million share placing, as it looks to begin developing its flagship Barruecopardo Tungsten Project. Each share is priced at 4 pence. Ormonde Mining shares were Friday quoted a
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