MADRID: Ormonde Mining PLC on Thursday said it turned to a tiny pretax loss in the first half of 2017 as revenue fell and administrative costs rose, with the miner continuing to progress toward commissioning its flagship asset in Spain next year.
The company said revenue in the first six months of the year dropped to EUR375,000 from EUR500,000, while administrative costs climbed to EUR386,000 from EUR378,000 to outstrip revenue, causing a pretax loss of EUR12,000 compared to a EUR120,000 profit the year before.
In June, Ormonde reported that the Barruecopardo tungsten mine was being advanced into an accelerated construction and implementation phase. Since then, “major progress in mine construction work has been achieved,” Ormonde said, with all priority equipment in place, civil works contracts awarded and construction of both the main dam and site facilities currently underway.
“With mine commissioning scheduled to commence in the third quarter of 2018, Barruecopardo is set to become a leading, low-cost European supplier of tungsten concentrates,” said the miner.
