Losses at Ormonde increase five-fold

Annual losses at Ormonde Mining — the Co Meath-based mineral exploration company with a focus on the Spanish market — increased nearly five-fold last year, on the back of a once-off impairment charge.

The Clonee-headquartered company — which, earlier this month, received positive feedback from the public consultation process surrounding its aim to get a drilling permit for its headline Barruecopardo tungsten mine in Salamanca — yesterday reported a pre-tax loss of just under €4.5m for 2012. This figure was up from a loss of €967,000 in 2011.

The jump in losses was mainly attributed to a €3.34m impairment charge relating to Ormonde’s La Zarza project in southern Spain, and specifically the re-valuing of it ahead of a potential sale.