Ormonde Mining dips on unexercised option for La Zarza Copper Project
AIM-listed mineral resource company Ormonde Mining has reported that the option period for a possible agreement with the Spanish company Nueva Tharsis SA relating to the potential divestment of the company's interest in the La Zarza Copper Project, has ended with the option not being exercised.
AIM-listed mineral resource company Ormonde Mining has reported that the option period for a possible agreement with the Spanish company Nueva Tharsis SA relating to the potential divestment of the company's interest in the La Zarza Copper Project, has ended with the option not being exercised.
Ormonde Mining said that notwithstanding this, Nueva Tharsis had advised it that negotiations with interested third parties continue and that a transaction "may still complete".
Under the terms of the agreement entered into between the parties, Ormonde's wholly-owned subsidiary Ormonde Espaa, which holds Ormonde's interest in La Zarza, agreed to collaborate with Nueva Tharsis in the planned disposal of the entire mining assets and interests of Nueva Tharsis to a third party.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In this regard, Ormonde said that it had agreed to contribute the entire share capital of Ormonde Espaa to this package for a total consideration of €5.0m.
Ormonde Mining's share price was down 7.32% to 4.75p at 13:40 on Thursday.
MF
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Higher rates are disappearing – should you fix your savings?
Fixed savings rates have dropped to their lowest levels in over a year. Should you fix your savings now ahead of a potential base rate cut in November?
By Katie Williams Published
-
Nine million people fall victim to financial scams, says Citizens Advice
The charity says that around one in five people across the UK have been caught out by a finance scam in the past year - here is how to protect your money
By Chris Newlands Published