LONDON (Alliance News) - Ormonde Mining PLC Wednesday said its pretax loss narrowed significantly in 2013 as the write-off of exploration costs was reduced as the company moved towards achieving its mining concession for the Barruecopardo tungsten project in Spain.
The tungsten mining exploration and development company, which is yet to produce any revenues, said its pretax loss narrowed to EUR1.8 million from EUR4.5 million the previous year.
The company said its administrative expenses increased slightly to EUR1.4 million from EUR1.2 million, but write-offs of exploration costs fell to EUR418,000 from EUR3.3 million previously.
During 2013, Ormonde Mining focused on developing its Barruecopardo tungsten project, signing off-take agreements for 100% of the tungsten concentrate produced over the first five years of production, and achieving the site's environmental permit.
The company is now awaiting its mining concession for the site and said it currently believes that a review of historic mining concessions is being completed before the concession will be issued, something it expects in late June or July, slightly later than originally expected.
The firm raised GBP2.0 million through a share placing in April 2014, which it planned to use to progress engineering works, permitting and funding activities relating to Barruecopardo and for general working capital purposes.
Ormonde Mining shares were up 10% to 4.00 pence on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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