17th Jun 2015 08:46
LONDON (Alliance News) - Ormonde Mining PLC Wednesday said its pretax loss narrowed in 2014 because it did not write-off any exploration costs.
The miner operating in Spain, which does not currently generate any revenue, reported a EUR1.6 million pretax loss in 2014, narrowing slightly from the EUR1.8 million loss in 2013. The loss narrowed as a rise in administrative costs to EUR1.6 million from EUR1.4 million was offset by EUR418,000 of exploration costs that were written off in 2013 not being repeated in 2014.
"The past year has been one of transformative progress for Ormonde, with the mining concession for Barruecopardo being issued by the Spanish authorities, and the agreement of a USD99.7 million funding package with Oaktree Capital to allow for the development of our flagship Barruecopardo tungsten project," said Chairman Mike Donoghue.
Ormonde shares were up 4.4% to 1.80 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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