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Ormonde delays Barruecopardo tungsten mine construction to mid-2018


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Ormonde delays Barruecopardo tungsten mine construction to mid-2018

Ormonde Mining Plc on Dec. 22 said it has completed the compulsory acquisition of the surrounding land necessary to develop the Barruecopardo tungsten project in Spain.

In mid-June, construction of the Barruecopardo project was delayed to late 2017 after locals opposed the compulsory acquisition of land around the proposed mine site.

However, the company and its project joint venture partner Oak Tree Capital Management LP further delayed the construction of the project to mid-2018 in wake of the current depressed tungsten market conditions.

The project company Saloro has amended the project's debt facility to reflect the new schedule. Meanwhile, the project joint venture partners have also agreed to defer an equal portion of their respective management and monitoring fees. The annual management fee for Ormonde will reduce to €750,000 from €1 million.