25 May 2012

Ormonde sees major production boost

25/10/2011 Robert Tyerman

Spanish tungsten hopeful Ormonde Mining (ORM) says a feasibility study has upped annual production estimates for its Barruecopardo project 60 per cent. Steered by managing director Kerr Anderson, the AIM-quoted company reports the study, which should be complete by the end of the year, now suggests potential annual output from Barruecopardo in western Spain of 230,000 tonnes of tungsten trioxide W03.

According to Navan, Co Meath-based Ormonde, the uncompleted feasibility study includes an interim indicated resource estimate for Barruecopardo from consultant CSA Global of 4.83 million tonnes of tungsten trioxide at a grade of 0.29 per cent, with 2.6 million tonnes at 0.31 per cent recoverable by open pit mining. Anderson cites simple metallurgy, nearby infrastructure and a relatively inexpensive estimate for plant cost of $12 million, for a total estimated capital cost of $40 million (£25 million).

Based on these projections, Ormonde claims Barruecopardo as 'Europe's next major tungsten producer'. The company speaks of potential annual cash flows of £18 million with tungsten at $350 a tonne, against a current price of $450 a tonne.

Ormonde shares were dismal performers for a long time. Highlighted by Growth Company Investor at 4p last year, they now change hands at 8.88p.

Hold on for now.

Tags: AIM market, Barruecopardo, Kerr Anderson, Spain, Tungsten

Sector: Mining

Companies: Ormonde Mining

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