Ormonde Mining (#ORM) – investment and option agreement, shares suspension pending possible RTO
- 2023-02-07 07:59:59
John Meyer of SP Angel this morning comments on Herencia Resources (HER), Metminco (MNC) and Ormonde Mining (ORM) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Los Angeles-based Oaktree Capital Management is close to taking a majority stake in Irish mining hopeful Ormonde Mining (ORM)’s flagship Barruecopardo tungsten project in Spain’s Salamanca province. The US group, which runs $90 billion (£60 billion) and targets ‘alternative investments’, has signed a term sheet with AIM-quoted Ormonde, conferring exclusivity until 10 April, with a view to providing a financing package for the existing open-pit project, holding an estimated 27.39 million tonnes with 0.26% W03 (tungsten tioxide), and to evaluating a subsequent Stage 2 phase to move underground.
Kerr Anderson, managing director of Irish junior Ormonde Mining (ORM), says he hopes to get the go-ahead from Spain’s Mining Department within two months ‘to develop one of Europe’s largest tungsten mines’ at Barruecopardo in the western province of Salamanca.