15th Jul 2014 11:08
LONDON (Alliance News) - Tungsten exploration company Ormonde Mining PLC Tuesday said a review for the Barruecopardo project in Spain has now been largely completed however a final formal request has been made by the authorities to obtain comment from the owners of the historic cancelled concession in relation to the cancellation process, after it received no response to its initial request.
This additional procedural step is required before Ormonde can obtain a permit for the site.
Ormonde said the authorities did not identify any concerns in relation to the cancellation of the historic mining concessions.
On April 29, Ormonde said an independent review showed positive fundamentals for the Barruecopardo project but the permitting process for the site had been delayed.
The tungsten mining exploration and development company said the independent review by AMC Consultants Ltd found that that there had been no material change in the costs for the Barruecopardo project since its original estimations in 2012, with the report showing reductions in both capital and operating costs which are within levels shown in a feasibility study.
Commenting on the additional procedural step Managing Director Kerr Anderson said "We recognise, through communication with the authorities, the importance which they place on the correct legal issuance of the new mining permit and of the continued support for the project at all levels of the local, provincial and regional governments in Spain."
Ormonde shares were quoted down 3.3% at 3.75 pence Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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