This paper proposes a detailed theoretical analysis of the development of dynamic damage in plate impact experiments for the case of high-purity tantalum. Our micro-mechanical model of damage is based on physical mechanisms (void nucleation and growth). The model is aimed to be general enough to be applied to a variety of ductile materials subjected to high tensile pressure loading. In this respect, the work of Czarnota et al. (J Mech Phys Solids 56:1624–1650, 2008) has been extended by introducing the concept of nucleation law and by entering a nonlinear formulation of the elastic response based on the Mie-Grüneisen equation of state. This later aspect allows us to consider high impact velocities. All model parameters are directly assessed by experimental measurements to the exception of the nucleation law which is characterized by the way of an inverse identification method using three free-surface velocity profiles (at low, intermediate and high impact velocities). It is shown that the nucleation law can be consistently determined in the range of operating pressures. The nucleation law being identified, the development of internal damage happens to be a natural outcome of the modelling. The model is applied to predict damage development and free-surface velocity profiles for various test conditions. The variety and the quality of results support the physical basis (in particular micro-inertia effects) upon which the proposed model of dynamic damage is based.