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.

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

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022