Ormonde reports increase in losses, says future is bright

Mining company Ormonde reported after-tax losses of €421,000 for 2005 in a preliminary results announcement today.

The losses were up from €376,000 in 2004.

During 2005, the company spent a total of €2.6m, of which €420,850 is reported as a loss for the year. The year also saw Ormonde listed on London’s AIM.

Ormonde's primary objective for the year ahead if to take its La Zarza copper-gold project in Spain into production, Ormonde chairman Mike Donoghue said today.

He added the company believes the outlook is bright.

"The current boom in commodity prices reflects both an overdue correction after a prolonged downturn in which investment was minimal and a major structural adjustment as some Asian countries embrace free-market principles and economic expansion," he said.

"The underlying demand and lack of new projects points to a prolonged mining cycle. This clearly is an opportune time for everyone involved in the mining industry.

"The metals of direct relevance to Ormonde – gold, copper, silver and tungsten – are all enjoying record-high prices."