Ormonde Mining (ORM)

Sector:

Mining

Index:

FTSE AIM All-Share

 2.55p
   
  • Change Today:
      0.000p
  • 52 Week High: 5.58
  • 52 Week Low: 1.85
  • Currency: UK Pounds
  • Shares Issued: 472.51m
  • Volume: 0
  • Market Cap: £12.05m
  • RiskGrade: 426

Ormonde reports solid progress at Barruecopardo Tungsten Mine

By Josh White

Date: Friday 20 Sep 2019

LONDON (ShareCast) - (Sharecast News) - Ormonde updated the market on the Barruecopardo Tungsten Mine in Salamanca, Spain on Friday, which was currently in the first year ramp-up operational phase, and was being operated by Saloro, in which Ormonde holds a 30% beneficial interest.

The AIM-traded firm reported improved mined ore grades, as mining in the southern starter pit transitioned downwards to fresh ore and northwards towards the main orebody.

It said it had made "significant" progress on waste stripping of the east-wall cutback, such that initial access to the main ore body was expected early in the fourth quarter.

The mine's saleable concentrate inventory had been building during the initial months of operation, the board added, with Saloro preparing initial shipments of tungsten concentrates for sale within the next weeks.

To provide Saloro with additional liquidity support, as it established ore mining operations on the main ore body in the coming months, Saloro said it was in the process of finalising a €10m, 12 month loan facility with Oaktree Capital Management.

It also reported a successful auction of "significant" stocks of APT from the now-closed Fanya Metals Exchange in China, to a single Chinese tungsten company at market prices, which the board was considering a positive market development.

"While still early in the ramp-up phase, it is encouraging to see that tungsten grades in the mine have been improving, and that the waste stripping required to allow Saloro access to more continuous and higher grade fresh tungsten ore, in the main orebody, has seen significant progress," said Ormonde chairman and interim managing director Michael Donoghue.

"The recent, successful auction of Fanya APT stocks, and reported tightness of available tungsten material for prompt delivery, are leading to improved market sentiment, which may prove both timely and positive for Saloro as it continues to ramp up operations."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Ormonde Mining Market Data

Currency UK Pounds
Share Price 2.55p
Change Today 0.000p
% Change 0.00 %
52 Week High 5.58
52 Week Low 1.85
Volume 0
Shares Issued 472.51m
Market Cap £12.05m
RiskGrade 426

Ormonde Mining Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
36.32% below the market average36.32% below the market average36.32% below the market average36.32% below the market average36.32% below the market average
19.66% above the sector average19.66% above the sector average19.66% above the sector average19.66% above the sector average19.66% above the sector average
Price Trend
56.72% above the market average56.72% above the market average56.72% above the market average56.72% above the market average56.72% above the market average
25.81% below the sector average25.81% below the sector average25.81% below the sector average25.81% below the sector average25.81% below the sector average
Income Not Available
Growth
Market averageMarket averageMarket averageMarket averageMarket average
10% below the sector average10% below the sector average10% below the sector average10% below the sector average10% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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Ormonde Mining Dividends

No dividends found

Trades for --2019

Time Volume / Share Price
0 @ 0.000p

Ormonde Mining Key Personnel

CFO John Carroll

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