Ormonde Mining PLC Barruecopardo Project Update (0650R)
February 26 2019 - 1:00AM
UK Regulatory
TIDMORM
RNS Number : 0650R
Ormonde Mining PLC
26 February 2019
26 February 2019
Ormonde Mining plc
("Ormonde" or "the Company")
Ore Mining and Processing Underway at Barruecopardo
The Board of Ormonde ("the Board") is pleased to provide an
update on the construction and commissioning of the Barruecopardo
Tungsten Project in Salamanca, Spain ("Barruecopardo" or "the
Project"), where the Company holds a 30% interest.
Open pit mining of surface tungsten ore zones commenced in
January, and the crush and screen plant has been commissioned using
ore to produce the fine ore stockpile for feeding into the process
plant. The commissioning stages of the process plant have been
advancing and the first ore has now been introduced to the process
plant. This activity will continue during the following weeks,
including producing tungsten concentrates, which will lead on to a
progressive transition from the commissioning phase into the
gradual ramp-up of production at Barruecopardo.
Key recent progress includes:
-- Crush and screen plant and water treatment plant
commissioning completed and handed over to operating team;
-- Process plant:
o Installation of equipment and supporting structures materially
complete, with some de-snagging ongoing;
o Dry commissioning and water commissioning both complete in
most areas;
o Following some slippage in the schedule, commissioning has now
progressed to commencement of ore processing and this "hot
commissioning" will continue during the remainder of February and
into March.
-- Initial open pit mining operations underway in the north
starter pit, and waste stripping of the east wall of the historic
open pit also in progress;
-- Installation of pumps ongoing in the water dams;
-- Recent site photos can be seen on Ormonde's website at the following link http://ormondemining.com/timeline-in-pictures/.
Michael Donoghue, Ormonde's Chairman and Interim Managing
Director, commented:
"Activities at Barruecopardo have been advancing well, with
mining of ore for the process plant commencing in early January,
and plant dry and wet commissioning mostly complete, with ore now
being introduced to the process plant.
"These are significant milestones for the Project, and we look
forward to seeing ore commissioning progress during the weeks ahead
and the successful transition into the Project's production
phase."
Enquiries:
Ormonde Mining plc
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 6796363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Tel: +44 (0)20 3 470 0470
Capital M Consultants
Simon Rothschild
Mob: +44 (0)77 03167065
Murray Consultants
Mark Brennock
Tel: +353 (0)1 4980300
Mob: +353(0)872335923
Notes:
This announcement includes certain statements that may be deemed
"forward-looking statements". Although the Company believes the
forward-looking statements are based on reasonable assumptions,
such statements should not be in any way construed as guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Risk factors are typical of a mining project during development,
commissioning and operation, and include (but are not limited to):
the availability and / or delivery of equipment and contractor
services to complete mine construction on schedule and on budget;
plant performance during and after commissioning; rates of metal
recovery in the process plant; mined ore tonnages and grade in
comparison to estimated ore reserves; cost overruns and the
potential for future additional funding requirements; and tungsten
concentrate sales prices.
Barruecopardo is a fully permitted and funded mining project
currently being developed through a US$99.7 million funding package
agreed with Oaktree Capital Management (70% interest). Ormonde's
participation in the Project is held through its 30 per cent
minority interest in Barruecopardo Joint Venture BV, a company
which is governed by a Shareholder Agreement which provides for
certain rights and obligations for each party.
For more information, visit www.ormondemining.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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