Ormonde Mining has appointed Swedbank Norway to advise on its €50 million financing proposals for its tungsten mine in western Spain.

The Dublin-listed company plans to raise €50 million towards the cost of developing its tungsten mine in Barruecopardo in western Spain through the issue of senior bonds.

Ormonde said yesterday that it has hired Swedbank to act as advisors for this and added that it would work closely with the Scandinavian bank over the coming period with regard to the financing of the tungsten mine in Barruecopardo.

Managing director, Kerr Anderson said that as Ormonde was moving towards completing the permitting process for the Barruecopardo permitting process, it was an appropriate time to formalise its relationship with Swedbank.

“Ormonde is therefore very pleased to appoint Swedbank as Advisors in relation to the contemplated €50 million senior bond financing of our world class tungsten project in Spain,” he added.