31st Jan 2014 15:32
LONDON (Alliance News) - Ormonde Mining PLC Friday it maintains its view that the takeover approach by Almonty Industries was "unsolicited" and "opportunist" following an announcement that it will no longer proceed with an offer.
In a statement Chairman Mike Donogue said the offer was, "without strategic or economic merit for Ormonde shareholders and that it provided no basis for engagement in light of Ormonde's ongoing focus on advancing the group's flagship Barruecopardo Tungsten Project."
"In addition, one of the concerns we had regarding the operational performance of Almonty's Los Santos mine has been highlighted in an announcement released today by Almonty concerning a re-statement downward of its tungsten recovery rate for the year ended September 30 2013," he added
The stock was trading at 5.40 pence Friday afternoon, down 0.47 pence or 8.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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