Ormonde Mining does 350m dollar tungsten supply deal with Noble

24th Mar 2014 11:49

Tungsten miner Ormonde Mining has done a supply deal with commodity marketer and distributor Noble Group, lifting Ormonde's shares.Ormonde said Noble had agreed to buy all the tungsten concentrate produced by its Barruecopardo project in Salamanca, Spain, for the first five years of the open pit's operation, equating to net revenues of more than $350m.Ormonde's Managing Director Kerr Anderson said: "Of particular interest to us is Noble's experience and track record in distribution and marketing commodities globally, both to developed and high demand growth markets." As well as its Barruecopardo tungsten operations, Ormonde explores for gold in western Spain in a joint venture with Aurum Mining, and has a copper deposit in southern Spain.Shares in Ormonde rose 0.5p or 9.1% to 6p at 11.58 in London. PW