Wednesday, January 29 15:37:31
Irish-based, Spain-focussed miner, Ormonde, today said that it has appointed Swedbank Norway as Advisors for its contemplated senior bond of E50m to finance its Barruecopardo Tungsten Project.
Ormonde said it will will work closely with Swedbank over the coming period with regards to the financing of Barruecopardo.
In addition to the capital costs for Barruecopardo of E48.5m, the total upfront fundable cost is expected to include value added tax on CAPEX, (approx. E9M, which is refundable), the project company Saloro SLU's working capital requirement for the construction and initial production periods, and interest on debt during construction. The final gross fundable cost will be defined following agreement of offtake and financing terms, and is estimated to be in the region of E70m. As previously advised, Ormonde intends to finance Barruecopardo through a combination of debt, an equity component (whether by way of joint venture or otherwise) and off-take contracts, the Irish group said.
"As we now move towards completion of the permitting process for our Barruecopardo Tungsten Project following recent advances, it is an appropriate time to formalise our relationship with Swedbank whom we have been in discussions with over the past year. Ormonde is therefore very pleased to appoint Swedbank as Advisors in relation to the contemplated E50 million senior bond financing of our world class tungsten project in Spain. We look forward to working with Swedbank over the coming period as we finalise these plans," said Kerr Anderson, Ormonde's Managing Director.