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18/07/2024
Mining News

Dublin-listed Ormonde Mining continues to report losses

Dublin-listed Ormonde Mining reported a loss after tax of €1.1m in the six months to end-June, an increase on the loss of €411,000 in the same period last year.

Of this, €1m relates to its associate investment in the Barruecopardo tungsten mine in Spain, according to interim results from the company.

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The group has a 30pc joint venture interest in the mine. The loss represents the start-up period for the mine from which first concentrate shipments are expected shortly.

Mike Donoghue, chairman and interim MD at Ormonde, said: “The first half of 2019 was a pivotal period for Ormonde and its 30pc interest in the new Barruecopardo Tungsten Mine, as construction was completed and Saloro [the company that controls the mine] began to ramp-up mining operations.

We expect Saloro to build further on this initial operational progress as mining advances, with access to the main orebody expected to be achieved during the early part of Q4.”

Elsewhere, PetroNeft Resources reported a loss of $2m in the six months to 30 June. This is an increase on the loss of $1.2m in the same period in 2018.

During the first half of this year the company strengthened its balance sheet by placing $1.3m in a convertible loan with a combination of new and existing investors.

Source: independent.ie

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