Ormonde advances project in Spain
Financing of exploration company’s flaghip Barruecopardo project nears conclusion
In its interim results for the six months to June 30th released this morning Ormonde Mining, the Dublin-listed development and exploration company, told its shareholders that its flagship Barruecopardo Tungsten Project, located in western Spain, is progressing.
The permitting process for the site has progressed through a number of key stages, including the public consultation stage, and has moved on from provincial to regional level where it awaits final environmental approvals
“Significant progress has been made in relation to permitting, with the process having passed the public consultation stage with just one public submission being received, and advancing on from provincial to regional level. The Company is now confident that the permitting process is in its final stages,” Michael Donoghue, chairman of Ormonde said.
In parallel, the company has been engaged in active discussions in relation to the financing of the project. While debt funding negotiations with selected parties have advanced, discussions are now focussed on potential joint venture partners interested in providing the equity component of the overall financing package.
“The company is hopeful for a successful conclusion to these discussions in the near future,” Mr Donoghue said.