Ormonde Mining PLC – Operational Update
Ormonde is pleased to report an update on tungsten concentrate sales by Saloro S.L.U. (“Saloro”), the operator of the Barruecopardo Tungsten Mine (“the Mine”) in Salamanca, Spain, in which Ormonde holds a 30% joint venture interest.
Sales of 20-tonne tungsten concentrate shipments to international buyers have been recently concluded, with further containers being prepared for imminent sale. These sales mark an important milestone for the Mine as it continues its ramp-up phase. The Mine is designed to produce 260,000 metric tonne units (or 2,600 tonnes) of tungsten trioxide contained in concentrate per year when ramp up is complete and the Mine is in full production.
On mining progress, initial access to the south end of the main orebody, which had been anticipated early in the fourth quarter, has been delayed due to the discovery of old, backfilled, undocumented mine workings within the southern starter pit, where high grade tungsten mineralisation had been expected. Current mining has reached the base of these workings at their southern end and ore grades from this initial exposure of the main ore-zone are now expected to improve accordingly. As mining advances northwards, the ore depletion arising from the old workings will continue to have an impact on ore feed grades until mining reaches the continuous section of the high grade main orebody below the historic pit, which is proven by drilling.
In this regard, there continues to be a strong emphasis on the waste stripping of the east wall cutback to facilitate access to the full strike extent of the main orebody. Saloro’s mine plans are being updated to reflect the current mining situation.
Michael Donoghue, Ormonde’s Chairman and Interim Managing Director, commented:
“The completion of initial tungsten concentrate sales from the Barruecopardo Tungsten Mine to international buyers represents an important milestone for both Saloro and Ormonde. The commencement of related revenues is a positive for Saloro and the mine and these are expected to ramp-up as the transition into the main orebody continues over the coming period. “