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Ormonde Mining Makes Progress At Barruecopardo But Delay Expected

Mon, 29th Feb 2016 10:29

LONDON (Alliance News) - Ormonde Mining PLC on Monday said it has made progress on equipment ordering and other construction preparations for the Barruecopardo tungsten project in Spain, though it will face a delay.

Ormonde said all top-priority capital equipment orders have been made for the project, with 60% of others orders also made and the plant construction management contract awarded to Fairport Engineering Ltd.

Around 30% of the project capital budget has now been committed, with capital expenditure for the project running below budget, Ormonde said.

The group added, however, a third-party appeal on the land acquisition process for the project will delay completion of work on the project, and Ormonde said it would update on this when more clarity can be gained on the implications

Ormonde shares were down 5.3% to 1.35 pence on Monday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance