Business
Barruecopardo Tungsten Project
Barruecopardo Tungsten Project.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 7863P Ormonde Mining PLC 05 September 2017 \n\n05 September 2017\n \n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nBarruecopardo Tungsten Project\nConstruction Update\n \n \nThe Board of Ormonde is pleased to provide an update on construction activities at the Barruecopardo Tungsten Project in Salamanca, Spain (\"Barruecopardo\" or the \"Project\"). \n \nFollowing the Company announcing, on 2nd June 2017, that the Project had moved into an accelerated construction and implementation phase, the ramp-up of site activities has advanced rapidly and is on track with the Project schedule, which anticipates mine commissioning in the third quarter of 2018. Progress at the Project has been made against a backdrop of strengthening tungsten demand and rising ammonium paratungstate (\"APT\") prices.\n \nKey developments include:\n \n· Priority 1 and Priority 2 equipment at manufacture stage; Priority 3 equipment order placement underway\n \n· Construction of workshop, offices and other infrastructure continues\n \n· Multiple construction contracts awarded, including dams and civil works, with main dam construction work underway\n \n· Some 50 persons now working on the Project, including a majority from Barruecopardo and immediately adjacent towns\n \n· APT prices continue to perform strongly, with significant price rises seen over recent months to a current level of US$285-300/mtu. This represents an increase of 30% on the prevailing price when the decision was taken to move to accelerated construction, and an 80% increase from its January 2016 low\n \n \nSteve Nicol, Ormonde's Managing Director, commented:\n \n\"With the very positive decision, taken in early June this year, to advance the Project into an accelerated construction and implementation phase, the intervening period has been exceptionally busy at the Project. The speed and scale of the works progressed over this period has only been possible as a result of the meticulous preparation activities performed by the Project team over the past months.\n \nWith the APT price continuing to climb steadily, indications are that t...