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Oak Tree/Ormonde JV secures €10M loan for tungsten mine in Spain

Oak Tree Capital Management LP and Ormonde Mining PLC's jointly owned Saloro SLU, operator of the Barruecopardo tungsten mine in Spain, entered into a €10 million, 12-month term loan facility, which will be provided by funds managed by Oak Tree.

The loan will provide additional liquidity to Saloro as it advances mining operations on the main orebody at Barruecopardo, according to an Oct. 17 release.

Saloro can draw from the loan as required in tranches of at least €500,000.

Interest will be capitalized at 18% per annum on drawn funds, with a 3% per annum commitment fee accruing on undrawn amounts.

Oak Tree owns 70% of the joint venture, and Ormonde holds the remaining 30%.