29th Apr 2014 11:28
LONDON (Alliance News) - Ormonde Mining PLC Tuesday said an independent review has shown positive fundamentals for the Barruecopardo project in Spain but the permitting process for the site has been delayed.
The tungsten mining exploration and development company said the independent review by AMC Consultants Ltd has found that that there has been no material change in the costs for the Barruecopardo project since they were originally estimated in 2012, with the report showing reductions in both capital and operating costs which are within levels shown in its feasibility study.
The company said another independent review of the tungsten market by Tungsten Market Research has shown continued strong growth in demand and a rising tungsten price averaging USD478 per metric tonne unit over the report's five year period to 2018, considerably higher than current prices of USD365 per metric tonne unit.
However, Ormonde Mining said that as part of its mining concession application, for which documentation is in its final stages, it has been informed than the Spanish authorities plan to complete a review of historic mining concessions which will result in the conclusion of the permitting process in late June of July, later than previously expected.
The company added that engineering design work for the site is continuing as scheduled in order to facilitate the placement of orders for key equipment items.
Ormonde Mining shares were up 1.1% to 4.55 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ORM.L