The Board of Ormonde (LON:ORM) is pleased to provide an update of construction activities for the Barruecopardo Project in Salamanca, Spain (“Barruecopardo” or the “Project”).
Following a period of review of the construction schedule, the Board of the Project company, Saloro SLU (“Saloro”), has authorised the issuance of outstanding approvals on various equipment and plant construction contracts, thus advancing the Project into an accelerated construction and implementation phase, with an updated schedule allowing for mine commissioning in the third quarter of 2018. These approvals come against a backdrop of rising tungsten APT prices, and increasing demand for tungsten concentrates, which will serve to de-risk the Project during the commissioning stage.
As quoted in the press release:
Michael Donoghue, Ormonde’s Chairman, commented:
“The Company, together with its Project partner, have always recognised the importance to the Company’s shareholders, and to Project stakeholders, of ensuring that the Barruecopardo Project comes online into a strengthening tungsten price environment, thus not exposing the Project or its shareholders to undue risk during the critical commissioning and start-up phases. Against a backdrop of rising tungsten prices, and increasing demand for tungsten concentrates, the partners believe the time is now right to ensure that the construction of the Project progresses at full speed towards commissioning of a new mine at Barruecopardo, now targeted for the third quarter of 2018.
Steve Nicol, who has diligently guided the Barruecopardo Project over the past nine years through all the preparations leading up to this stage, will step down from the Board of Ormonde, at our next AGM, in order to focus on the implementation of this flagship project. The Project partners consider this step to be of fundamental importance in reducing implementation risk and successfully bringing Barruecopardo into first production on time and on budget.
On behalf of the board, I wish to thank Steve for the major contribution that he has made to Ormonde, and particularly his efforts in taking the Barruecopardo Project from brownfield site into its current development stage. Ormonde looks forward to continuing to work with Steve and the Saloro team as we advance the Project to production.