Ormonde Mining, the IEX-listed exploration group, rose to a seven-month high today after tests showed its Barruecopardo mine in Spain contains double the amount of tungsten previously estimated.
The mine contains 18,000 metric tons of the metal used in light bulbs and drill bits, compared with 7,000 tons estimated in January, the company said in a statement.
Ormonde shares rose by I cent to €0.17 by 9.10am, a rise of 6.25 per cent valuing the company at approximately €31.7 million (£25 million).
In London, Ormonde shares rose 1 penny to 13.75 pence.
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