Irish-listed exploration firm Ormonde Mining has received the first $25 million (€21.9m) of equity investment for its flagship tungsten mine in Spain.

US fund Oaktree Capital recently took a majority stake in the Barruecopardo mine after shareholders in Ormonde voted overwhelmingly in favour for a deal which saw the fund and the company split ownership of the tungsten mine 70 per cent - 30 per cent in return for over €90 million in debt and equity.

Ormonde said on Monday it had now received the first allocation of equity capital from Oaktree to progress the mine. It added it has now completed all conditions relating to the Oaktree financing. Mine commissioning is expected at the end of 2016, the group said.

"I am extremely pleased to report the closing of the $99.7 million Oaktree Financing, and the receipt by the project company of the initial $25 million in equity funding. This follows Ormonde's shareholders' approving the financing in May and completion of required implementation steps in June. Activities that commence the project's development timeline have now been initiated, with commissioning targeted by the end of 2016," said Ormonde's managing director Kerr Anderson.