30th Sep 2013 08:25
LONDON (Alliance News) - Ormonde Mining PLC Monday said its net loss widened in its first half as it developed towards production at Barruecopardo.
The tungsten mining exploration and development company, with operations in Spain, said its net loss widened to EUR943,000 from EUR486,000 for the six months ended June 30.
The company is yet to post any revenues.
Ormonde mining said its administrative expenses increased to EUR805,000 from EUR496,000 as the company put significant funding towards receiving a permit to mine its flagship Barruecopardo Tungsten Project in western Spain.
The company also said it is in discussions with selected parties over possible joint ventures and debt-funding deals.
Ormonde shares were up 2.6% to 5.00 pence in early trading Monday.
By Tom McIvor; [email protected]; TomMcIvor1
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