Shareholders of JSE-listed Metorex would meet on December 21 to vote on the sale of a 55% stake in fluorspar producer Vergenoeg Mining to Spanish company Minerales Y Productos Derivados (Minersa), for $60-million.
The proceeds from the proposed sale would be used to repay debt on its Ruashi copper mine, in the Democratic Republic of Congo.
Metorex recommended that its shareholders approve the deal, saying that independent expert Venmyn had considered the terms of the transaction and was of the opinion that the deal was fair to shareholders.
Minersa already owned a 30% stake in the project, while Metorex had sold a 15% interest in Vergenoeg Mining to a consortium of black investors in July this year.
Source: Mining Weekly
Showing posts with label spain. Show all posts
Showing posts with label spain. Show all posts
Saturday, December 5, 2009
Monday, September 28, 2009
Ormonde Makes Progress In Spain
Ormonde Mining, the AIM and IEX listed mining outfit with operations in Spain, today said it had put “significant effort” into progressing its two main projects during the first half of the year.
Work on the Barruecopardo tungsten project saw a doubling of the projected annual production to 400,000 tons following further appraisal work on the asset.
The currently defined JORC Inferred Resource at Barruecopardo is 5.2 million tons at an average grade of 0.48% tungsten trioxide. The company noted that with this size and grade of resource, Barruecopardo was already a major western world tungsten deposit. It is currently looking for a funding partner to help develop the project.
At the La Zarza copper-gold project Ormonde had better luck in attracting a partner after agreeing a deal with a mining major to inject US$7 million over a three year period via a joint venture to earn a 51% interest in the project.
Source: Small Cap News
Work on the Barruecopardo tungsten project saw a doubling of the projected annual production to 400,000 tons following further appraisal work on the asset.
The currently defined JORC Inferred Resource at Barruecopardo is 5.2 million tons at an average grade of 0.48% tungsten trioxide. The company noted that with this size and grade of resource, Barruecopardo was already a major western world tungsten deposit. It is currently looking for a funding partner to help develop the project.
At the La Zarza copper-gold project Ormonde had better luck in attracting a partner after agreeing a deal with a mining major to inject US$7 million over a three year period via a joint venture to earn a 51% interest in the project.
Source: Small Cap News
Tuesday, May 26, 2009
Oromonde Mining Upbeat On Outlook For Tungsten
Irish-based mineral exploration company Ormonde Mining has reported pre-tax losses of €2.5m for the year to December 2008 compared to losses of €580,00 the previous year.
The company said this was due mainly to a write-down of early exploration work on the Salamon and Trives projects.
Ormonde said that an increase in the total resource led it to double its proposed production rate to 400,000 tonnes a year.
It said its Barruecopardo Tungsten project at Salamanca in Spain is positioning itself to become a major, low-capital, long-life tungsten operation at a time when structural changes and integration within the industry continue in anticipation of future tungsten shortages.
Tungsten has a hardness close to diamonds. It is mainly used in the manufacture of cutting steels and in tungsten alloys, electronics, and chemical products
Chairman Mike Donoghue said that the company - in line with many firms - has been curtailing discretionary development and administrative expenditures, and adopting a very conservative approach to budgeting.
He said that credit crisis and overall fall in demand has impacted adversely in metal prices and stock market valuations.
'However, it would appear that we may have reached the trough of the downturn and a sustainable recovery of the stock market is predicted in anticipation of a broader, if low, economic recovery in 2010/2011,' he stated.
He said that within the mining industry, there is general acceptance that the metal commodity shortages have not been rectified during the last five years and stronger metal prices are deemed inevitable when the world economy recovers.
Source: RTE
The company said this was due mainly to a write-down of early exploration work on the Salamon and Trives projects.
Ormonde said that an increase in the total resource led it to double its proposed production rate to 400,000 tonnes a year.
It said its Barruecopardo Tungsten project at Salamanca in Spain is positioning itself to become a major, low-capital, long-life tungsten operation at a time when structural changes and integration within the industry continue in anticipation of future tungsten shortages.
Tungsten has a hardness close to diamonds. It is mainly used in the manufacture of cutting steels and in tungsten alloys, electronics, and chemical products
Chairman Mike Donoghue said that the company - in line with many firms - has been curtailing discretionary development and administrative expenditures, and adopting a very conservative approach to budgeting.
He said that credit crisis and overall fall in demand has impacted adversely in metal prices and stock market valuations.
'However, it would appear that we may have reached the trough of the downturn and a sustainable recovery of the stock market is predicted in anticipation of a broader, if low, economic recovery in 2010/2011,' he stated.
He said that within the mining industry, there is general acceptance that the metal commodity shortages have not been rectified during the last five years and stronger metal prices are deemed inevitable when the world economy recovers.
Source: RTE
Saturday, May 16, 2009
Lundin May Close Spanish Nickel/Copper Mine
The CEO of Canada's Lundin Mining Corp. says production at the Aguablanca nickel and copper mine in Spain could be suspended later this year if there isn't a "substantial improvement" in nickel prices.
The Toronto-based miner has taken several steps to reduce costs in the face of lower base metals prices, including selling its Aljustrel zinc mine in Portugal and permanently closing the Galmoy lead, zinc and silver mine in Ireland. Chief executive Phil Wright said Lundin is taking a "very cautious" approach to its operations in 2009 and Aguablanca could be the next mine to close if prices don't rebound further.
SourcE: Toronto Globe and Mail
The Toronto-based miner has taken several steps to reduce costs in the face of lower base metals prices, including selling its Aljustrel zinc mine in Portugal and permanently closing the Galmoy lead, zinc and silver mine in Ireland. Chief executive Phil Wright said Lundin is taking a "very cautious" approach to its operations in 2009 and Aguablanca could be the next mine to close if prices don't rebound further.
SourcE: Toronto Globe and Mail
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