Ormonde posts losses after tidying Tanzania

IISEQ-listed company Ormonde Mining has posted total losses after taxation for the year ended December 31, 2003, of €449,383, although Chairman Michael Donoghue stressed that the bulk of this figure (€345,763) was used pay off debts from projects in Tanzania before the company’s restructuring in 2001.

ISEQ-listed company Ormonde Mining has posted total losses after taxation for the year ended December 31, 2003, of €449,383, although Chairman Michael Donoghue stressed that the bulk of this figure (€345,763) was used pay off debts from projects in Tanzania before the company’s restructuring in 2001.

Much of the company’s exploration in 2003 focused on Spanish projects, although the chairman today announced that he is hopeful of new discoveries in Morocco.

The company announced net assets of €1,258,137.

"On-going acquisition endeavours continued during the year and, while success can never be guaranteed in this area, we are extremely hopeful that this work will culminate in at least one additional acquisition in the coming months," Mr Donoghue said.