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***MINES & MONEY: Ormonde hopes to agree tungsten concs offtake in Q1 '10

December 01, 2009 - 14:38 GMT Location: London

KEYWORDS: Ormonde Mining , Spain , Barruecopardo , tungsten

Ormonde Mining plans to agree an offtake deal for its brownfield Barruecopardo tungsten project in Spain with a European end user in the first quarter of next year

The project will account for 10-15% of Western world tungsten concentrate supply, with the possibility of expanding once it starts up. Commissioning is expected in 2011. “We'd like to secure the participation of an industrial partner," Fraser Gardiner, director of exploration, told MB on the sidelines of the Mines and Money conference in London, noting the company wants an offtake agreement to secure Ormonde sales and the pricing of its product. "The best thing we can do is establish a link with an end user. This will give investors comfort that the project will make money," he said. Ormonde has been negotiating with potential partners for a "considerable length of time" and would prefer to do a deal with a European consumer given...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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