London-listed Ormonde has announced that it will sell its interest in the Barruecopardo joint venture (JV), after the tungsten project, in Salamanca, Spain, encountered “significant” setbacks during its ramp up.
The company entered into a conditional sale and purchase agreement for the disposal of its 30% interest in Barruecopardo JV to Oaktree Capital Management for a total net cash consideration of €6-million.