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
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published