Ormonde Updates Tungsten Project, Releases Financial Results

Ormonde Mining (LSE:ORM) has released an update for its Barruecopardo tungsten project located in Salamanca, Spain. The company has also released its half year financial results.

As quoted from the press release:

Barruecopardo Tungsten Mine Construction

Significant advancements have been made over the year to-date including:

• Construction of the Metso turnkey crush and screen plant completed, and commissioning of the entire crushing plant has now commenced following the successful initial commissioning of the primary crusher in August;
• The water dams have been constructed and lined, and the pipeline from the open pit to Dam A has recently been completed and commissioned, with pit dewatering now underway;
• Construction and initial commissioning of the water treatment plant completed; commissioning will continue as the remaining pipework and pumps are installed;
• The installation of major equipment and structures at the process plant is also well-advanced, with approximately 80 percent of these works now complete;
• Process plant commissioning expected to commence at the start of December with first production of tungsten concentrates from the beginning of February;
• Main high-tension powerline has recently been connected to the Barruecopardo Substation by Iberdrola and the low voltage electrical installation has commenced;
• Ongoing “production readiness” activities include grade control drilling and modelling, to feed into a revised mining schedule and operations budget for the year one ramp up phase of production;
• The average site headcount for the six months ended 30 June 2018 was 127, including 32 from Barruecopardo and surrounding towns;
• European APT prices increased from US$313 in January to US$352 per metric tonne unit at the end of June, due primarily to the impact of environmental inspections on Chinese APT production; prices fell during the summer period and now stand at the US$275-290 per mtu range;

Other Projects

There were no material developments during the reporting period related to the Company’s other interests in Spain, which include its joint venture interest in the Salamanca and Zamora Gold Project, assets being divested in the Pyrite Belt, and gold exploration permit applications elsewhere in Spain.

Financial Results

The company reports a total comprehensive loss for the period of €411,000 (€132,000 loss for the 6 months to 30 June 2017), which includes a €338,000 loss (€120,000 loss for the 6 months to 30 June 2017) relating to its associate investment within which the Project is held.

Click here to read the full announcement