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Results: ORM

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US investor poised to back Ormonde tungsten plan

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.


Ormonde gearing up for tungsten project

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.

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