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.
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
-
Equity release jumps 4% amid growing inheritance tax concerns and sticky inflationThe amount of money withdrawn by equity release has increased, but the total number of plans has fallen
-
Nest Pensions abandoned by 10 million workers – why are savers ditching the UK’s biggest workplace pension?Savers are halting contributions and leaving millions of small pots behind them, Freedom of Information (FOI) data provided exclusively to MoneyWeek shows. We look at why and what it means.
