Monday 14 October 2019

Losses increase at Ormonde Mining as project completed

Dublin-listed Ormonde Mining has reported a loss after tax of €1.65m for 2018, an increase on the loss of €101,000 reported the prior year. Stock photo
Dublin-listed Ormonde Mining has reported a loss after tax of €1.65m for 2018, an increase on the loss of €101,000 reported the prior year. Stock photo
Ellie Donnelly

Ellie Donnelly

Dublin-listed Ormonde Mining has reported a loss after tax of €1.65m for 2018, an increase on the loss of €101,000 reported the prior year.

Almost half of this was attributed to the completion of a metal mine, the Barruecopardo Tungsten project, in Spain.

The group has a 30pc joint venture interest in the mine, which is in full operation mode.

In its final results for 2018, Ormonde said tungsten (a silver-coloured metal) concentrates produced from low-grade ore feed are starting to achieve targeted specification on a regular basis, while ongoing refinements to the processing circuits continue to be implemented.

Elsewhere, losses at Petrel Resources reduced to €239,000 in 2018, from €4,392,000 in 2017.

The group, chaired by veteran investor John Teeling, said Riadh Hameed has joined it as a non-executive director, and is helping re-establish Petrel's Baghdad operations.

Petrel has also applied to assume operatorship and extend the first phase of frontier exploration licence 3/14 located off the coast of Ireland, and to convert LO 16/24 to a frontier exploration licence.

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