Ormonde Mining boosted as Spanish tungsten project remains on schedule

14th Dec 2018 11:37

(Sharecast News) - Ormonde Mining's shares jumped on Friday as it told investors that development schedule at its 30% owned Barruecopardo tungsten mine has progressed in line with previous guidance.The crush and screen plant at the project is nearing completion and the process plant is also progressing well, with equipment and supporting structures nearly fully installed as projected construction costs remain within the construction budget of €53.6m.Michael Donoghue, Ormonde's chairman and interim managing director, said: "With substantial progress made on construction activities during the quarter, the project has now entered a transition period as construction activities begin to wind down and mine commissioning activities ramp up significantly."Donoghue added that it was "particularly pleasing" that recruitment of the first wave of plant operators had been completed.Meanhwile, an open pit mining contract has been awarded and mobilisation of mining equipment is underway, while the commissioning of a water treatment plant has been completed."I would like to praise the hard work and professionalism of the site team and contractors as they continue to progress the project through this busy commissioning period. The project schedule remains in line with previous guidance, with the production of first tungsten concentrates targeted for early February 2019," said Donoghue.Ormonde Mining's shares were up 10.33% at 5.07p at 1137 GMT.