Business
Final Results for the year ended 31 December 2016
Final Results for the year ended 31 December 2016.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 5325I Ormonde Mining PLC 20 June 2017 \n\n20 June 2017 \n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nFinal Results for the year ended 31 December 2016\n \n \nDUBLIN & LONDON: 20 June 2017 - Ormonde Mining plc announces its final results for the year ended 31 December 2016.\n \nHIGHLIGHTS FOR THE YEAR AND POST YEAR END\n \n· Revised construction schedule for the Project agreed between the Project partners, which sees commissioning of a world class tungsten mine in Q3 2018, and aligns first production with independent forecasts of improving tungsten prices\n· Completion of compulsory land acquisition process resulting in access to and use of all lands required to enable the development of the Barruecopardo Tungsten Project (the \"Project\")\n· Approvals of equipment and plant construction contracts, thus advancing the Project into an accelerated construction and implementation phase\n· Amendments to the Project's debt facility to take account of the revised construction schedule\n· Ormonde's current managing director, Steve Nicol, to step down at the upcoming AGM to focus fully on development and operations at the Project\n· Successful drilling programme completed which supports the current resource interpretation and demonstrates the potential to extend beyond the nine-year mine life at Barruecopardo through the development of a \"Stage 2\" underground mine at the Project\n \n \nMike Donoghue, Ormonde's Chairman, commented:\n \n\"Having revised the Barruecopardo Project schedule during 2016 with the aim of ensuring that the Project comes online into a strengthening tungsten price environment, the Project partners decided in June 2017 to provide the required approvals to enable the Project progress at full speed towards commissioning of a new mine at Barruecopardo during the third quarter of 2018. This exciting development comes after the successful completion, during 2016, of a process whereby all of the lands required to develop the Project were secured, and is set against a backdrop of rising tungsten prices and increasing demand for tungsten concentrates.\n \n\"We very much look forward to the coming year, as the Barruecop...