(Alliance News) - Ormonde Mining PLC has switched up its board, it said on Monday, following the sale of its stake in Spain's Barruecopardo project.
Ormonde announced the EUR6 million cash sale of its 30% holding in the project in January, citing lower-than-expected revenue and high costs.
Barruecopardo is a tungsten project in western Spain. The construction and commissioning of the mine was finished in 2019 and the project is currently in early stage production.
At the end of January, Ormonde confirmed Chair Michael Donoghue would be leaving amid the sale, as would Non-Executive Director John Carroll. Non-Executive Director Jonathan Henry has replaced Donoghue as executive chair.
Last week, Ormonde proposed the appointments of Tim Livesey and Richard Brown as non-executive directors. Livesey is chief executive at London-listed gold explorer Oriole Resources PLC, while Brown is chief financial officer at Toronto-listed Gabriel Resource Ltd.
Ormonde confirmed Monday the sale has now been completed, meaning these board changes have become effective.
Chair Henry said: "I would like to take the opportunity to thank both Mike Donoghue and John Carroll, who are stepping down from the board, for their years of service to the Company and wish them well on their retirement, and welcome Tim Livesey and Richard Brown to the board.
"I believe that Tim and Richard's extensive experience and contacts in the resource sector will assist the company greatly in its future development."
"With the new board in place, we are now fully focused on taking the company forward into its next chapter and are already considering a number of initiatives we believe can deliver value to the company and its stakeholders," Henry continued.
Now Barruecopardo has been sold, Ormonde has a stake in the Salamanca-Zamora gold exploration project in Spain in a joint venture with Shearwater Group PLC as well as the La Zarza gold, copper, and zinc project.
Ormonde shares were 8.1% lower on Monday morning in London at a price of 0.74 pence each. They started 2020 at 2.75p.
By George Collard; georgecollard@alliancenews.com
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Shearwater (SWG)