27th Sep 2018 12:03
LONDON (Alliance News) - Ormonde Mining PLC said on Thursday its interim loss widened as it progressed the Barruecopardo tungsten project.
Revenue was flat at EUR375,000 for the six months to June 30, as the company's pretax loss widened to EUR73,000 from EUR12,000 a year earlier. Administration expenses rose to EUR447,000 from EUR386,000.
The company is focused on the Barruecopardo tungsten project in Salamanca, Spain, in which it holds a 30% interest. In the period, Construction of the Metso turnkey crush and screen plant were completed with the water dams have been constructed and lined.
Process plant commissioning is expected to commence at the start of December with first production of tungsten concentrates from the beginning of February.
"The year to date has seen significant advancements for Ormonde, as the Barruecopardo tungsten project has progressed through its construction phase and into the important commissioning phase, which commenced in August 2018. This key milestone was achieved on budget and materially in line with the project's construction schedule," said Chairman Mike Donoghue.
He added: "The focus over the coming period will be on the completion of construction and commissioning of the plant, in tandem with work surrounding updates to the mining schedule and operational budgets for the initial year of mining ahead of the project entering its production phase in the first quarter of 2019."
Shares in the company were untraded at 4.8 pence on Thursday.
Related Shares:
ORM.L