Ormonde Mining reports lower losses

ORMONDE Mining – the Navan-headquartered mineral exploration company, with a focus on the Spanish market – has reported a pre-tax loss of just under €1.58 million for 2009.

This figure marked a significant improvement on the previous year, when the company’s losses before tax amounted to €2.53m.

The lower losses were mainly driven by a welcome improvement in tungsten prices – one of the main minerals for which Ormonde mines – which have shot up by 15% since last July.