Ormonde Mining is close to securing a deal with an unnamed company about exploration work at its La Zarza prospect in southwest Spain.

The project would seek to evaluate the potential copper mineralisation in the sulphide deposits in La Zarza, in the Huelva province.

Ormonde said it was willing to give the investor 51 per cent of revenues from La Zarza over a three-year period in return for a $7 million (€5 million) investment, with a minimum commitment of $1 million in the first year.

The stake can be increased to 75 per cent by the completion of a mining feasibility study if the exploration work is successful.