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Ormonde Mining's losses widen ahead of 'challenging' year

Wed, 19th Jun 2019 13:13

(Sharecast News) - Ormonde Mining's shares slid on Wednesday after reporting a wider annual loss on the back of a jump in administrative expenses and after notifying that initial ore mined from the Barruecopardo Tungsten Project's northern starter pit has been lower grade than anticipated.The tungsten miner's loss before tax for 2018 came in at €1.6m, widening from a loss of €0.1m for the year before, as administrative expenses rose by 34% to €1.0m and its share of losses on associate investment climbed from €86,000 to €0.8m.The AIM traded company holds a 30% interest in Barruecopardo, which is now wholly operated by its Saloro subsidiary after having been completed, with the mine now transitioning to its first year ramp-up phase of production.However, lower than expected grades encountered in the northern starter pit at Barruecopardo prompted a switch to the southern starter pit and an acceleration of the planned waste stripping over the main orebody.Michael Donoghue, Ormonde's chairman and interim managing director, said: "During 2018, the joint venture advanced the Barruecopardo Tungsten Project from an abandoned mine site to a newly constructed, state-of-the-art, tungsten processing facility. Although the operation is still in its infancy, it is nevertheless satisfying to see the project transformed into an operating mine using modern mining and processing techniques and supporting a local community."Donoghue added that, looking forward, the lower grade ore encountered will make the remainder of this year "somewhat challenging" as Saloro's profitability and cashflows will continue to be constrained during the mine's ramp-up phase, although he added that progress made to date on processing of this lower grade material should stand the project in good stead."Initial low grade production from starter pits is likely to constrain profitability and cashflows until later in the year when the current waste removal programme will allow access to the broader, higher grade mineralisation within the main orebody," said analysts at SP Angel.Ormonde Minding's shares were down 20.22% at 2.90p at 1220 BST.
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18 Jun 2012 09:10

Resource round-up: Ind. Resources, Ormonde, Solo Oil ...

The Italy focused gas company, Independent Resources (IRG), said it is accelerating its strategy review after an earthquake struck the area where its Rivara underground gas storage project is situated. The group said that the whole concept of underground natural gas storage is now being called into

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28 Mar 2012 13:09

Resources round-up: Amerisur, Ormonde, ATH...

Ormonde Mining has reported further positive gold assay results at its Zamora Gold Project. Drilling of the nine-hole programme, which is being funded by the firm's joint venture partner Aurum Mining, has been completed and assay results received for the initial three holes (ORMP 13, 14 and 15). The

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4 Apr 2011 13:03

Ormonde buys out junior partner

The market has given the thumbs-up to the acquisition of a 10% interest in the Barruecopardo tungsten project by miner Ormonde Mining, giving it total control of the Spanish asset. The company is buying the minority stake held by its joint venture partner The Society of Mining Investigation and Exp

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28 Sep 2010 16:16

Mining round-up: Discovery Metals, Kefi, Ormonde ...

Discovery Metals had had its seven prospecting licences in Ngamiland, Botswana renewed for a further two years. "All areas of interest, within these prospecting licences, have been retained," it said. Gold and copper exploration company Kefi Minerals saw loss before tax narrow to £0.47m in the fir

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16 Sep 2010 13:35

Small caps round-up: Beowulf, Anglesey Mining, Avocet...

Mineral exploration outfit Beowulf has added ground after finishing its 32-hole drill programme on its wholly-owned Kallak iron ore deposit in northern Sweden. "We remain convinced of the quality and quantity of our iron ore assets and firmly believe that Kallak will prove to be a major iron ore bo

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9 Sep 2010 14:57

Small caps round-up: Character, Advanced Computer, Titanium...

Toy maker Character expects to make a "strong return to profitability" for the year to 31 August and reports second half and full-year sales ahead of forecasts. "Sales in the new year have started well and are likely to substantially out-perform our internal forecasts for September," the firm sai

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3 Aug 2010 16:26

Small caps round-up: Devro, Catalytic Solutions, Summit

Sausage casings manufacturer Devro reported a sharp rise in interim profit and a 40% increase in its interim dividend to 2p a share. Pre-exceptional profit was 86% ahead at £17.1m as sales increased 11% to £116.1m in the six months to June 2010. The market for collagen casings is growing at 5% a y

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28 Jul 2010 07:44

Ormonde Mining Commissions Scot Wilson For Barruecopardo Study

LONDON (Dow Jones)--Ormonde Mining PLC (ORM.LN) said Wednesday it has commissioned independent consultant, Scott Wilson Mining, to carry out engineering and economic studies on Barruecopardo to quantify the benefits of the increased resource to the project economics. MAIN FACTS: -At the proj

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30 Jun 2010 08:17

Ormonde Mining Raises GBP642,000 Via Placing AT 3.5P >ORQ.DB

LONDON (Dow Jones)--Ormonde Mining PLC (ORQ.DB), a mineral development and exploration company focused on Spain, said Wednesday it has procured placing commitments in respect of 18.35 million new ordinary shares with new and existing institutional and private investors at 3.5p per share, raising GBP

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12 Apr 2010 18:45

Ormonde acquires option over copper project

Ormonde Mining has acquired an option over the Tharsis copper project in Spain. Tharsis is in Huelva province in Spain just like the La Zarza project, which Ormonde acquired from the same seller. It is in an area where there is a history of mining. There is copper and gold mineralisation in the ar

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27 Oct 2009 16:47

London close: Footsie clings on

Footsie managed to close with gains despite spending some of the day in the red, with oil giant BP leading the risers. BP climbed after it kicked off the oil majors results season with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came

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27 Oct 2009 14:35

London afternoon: London jolted by US consumer confidence data

An unexpected fall in US consumer confidence in October has had a knock-on effect back in Blighty, with the FTSE 100 relinquishing most of the gains amassed during the morning. Household goods group Reckitt Benckiser shrugged off the recession during the third quarter, reporting a big jump in profi

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27 Oct 2009 12:14

London midday: Oil fuelled advance

Better than expected results from BP have given the market a lift but banking shares have declined to join the party. Index heavyweight BP kicked off the oil majors results season with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came

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27 Oct 2009 08:35

London open: BP heads advance

BP has helped investors get over last night's three-figure dive on Wall Street, leading London higher in early deals. Index heavyweight BP kicked off the oil majors results season with third quarter figures that showed a smaller than feared drop in profits. Profit attributable to shareholders came

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27 Oct 2009 07:37

Ormonde confirms Antofagasta as La Zarza partner

Ormonde Mining has confirmed Antofagasta as the previously unidentified joint venture partner for its La Zarza ground holdings in the Huelva Province of southern Spain. The Irish explorer said the copper giant, which has huge interests in Chile, will extend the previous exploration by Ormonde to co

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