ORMONDE Mining is set to finalise funding plans for its Spanish tungsten project after establishing the development will generate €270 million over nine years.

The company yesterday published a feasibility study at its Barruecopardo tungsten mine in Salamanca, Spain. The independently-commissioned document shows the project will cost €48 million to develop and, based on a price of $350 a metric tonne unit – the current price is around $440 – will give a return of €30 million a year over nine years.

Ormonde is scheduled to switch on its mining plant at Barruecopardo early in the second half of next year.

Managing director Kerr Andersen said yesterday the company has been having talks with a potential backers for the Spanish project.