Ormonde Mining Releases 2017 Final Results

Ormonde Mining (LSE:ORM) has announced its final results for the year ending on December 31, 2017. Ormonde, is a tungsten exploration and mining company currently developing the Barruecopardo tungsten mine in Spain, Ormonde expects to begin mine commissioning at the site in Q3, 2018. The company is also vested in ongoing gold and copper exploration projects in the same jurisdiction.

As quoted from the press release:

HIGHLIGHTS FOR THE YEAR AND POST YEAR END

The accelerated construction and implementation phase of the Barruecopardo tungsten project in Spain has been ongoing since June 2017, and progress to-date remains in line with the capital budget and development schedule.

Key Project developments include:

• Turnkey crush and screen plant – primary crusher and discharge conveyor to coarse ore stockpile, installation completed; erection of secondary, tertiary and quaternary crushers and screening circuit all well advanced; ROM pad built up from waste rock mining;
• Process plant – civil works mostly completed and equipment installation in progress: jigs installed, spirals assembled, tailings thickener installed and installation of large tailings filter press underway; and
• Water dams’ construction and lining completed and other site infrastructure either completed or in advanced stages of development, including water treatment plant, high-tension substation and powerline, and site offices and workshop.
• Initial commissioning of certain installations to commence during Jul-Aug 2018, with commissioning of the process plant expected to commence around end September 2018;
• Initial production expected to commence towards the end of 2018, followed by a gradual build-up of production levels over the early months of 2019;
• APT prices have risen during 2017 and strengthened further in 2018 to a current level of US$350-354 per metric tonne unit (mtu), with demand likely to remain as the Project comes on stream;
• The project’s development has benefitted from the support of the surrounding communities and local staff and contractors make up a significant portion of the site workforce;
• The company reports a loss for the year of $0.1 million euros compared with a loss of $2.29 million euros in 2016.

” It is pleasing to be in a position to report a very successful year, with the decision taken in mid-2017 to advance the Project into an accelerated construction and implementation phase validated by the significant increases in tungsten prices seen since that time,” said Michael Donoghue, Ormonde’s chairman and interim managing director. “Progress on the development of a new tungsten mine at Barruecopardo is advancing in accordance with the project schedule and its capital budget, with plant commissioning expected to commence around the end of the third quarter of 2018, followed by initial production by the end of the year, providing a new European-based, secure supply to global markets.”

Click here to read the full press release