StockMarketWire.com - Ormonde Mining booked a full-year loss as it continued to develop the Barruecopardo tungsten project in Spain.

Pre-tax losses for the year through December amounted to €1.6m, compared to losses of €0.1m on-year.

Ormonde has a 30% interest in Barruecopardo, which had been completed and was now now transitioning to its first year ramp-up phase of production.

'During 2018, the joint venture advanced Barruecopardo from an abandoned mine site to a newly constructed, state-of-the-art, tungsten processing facility,' chairman Michael Donoghue said.

'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.'

'Looking forward, the lower grade ore encountered in the initial, peripheral starter pit 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.''

'However the progress made to date on processing of this lower grade material should stand the project in good stead as it transitions into the main, higher grade orebody towards the end of 2019.'


At 8:10am: [LON:ORM] Ormonde Mining PLC share price was -0.24p at 3.4p



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