Ormonde Mining, the Meath-based mineral exploration company, has rejected a $35m (€26m) takeover approach from Canada’s Almonty Industries.

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.

Ormonde Mining is confident of finalising funding for the development of its headline asset — the Barruecopardo tungsten mine in western Spain — “over the coming months”.

ORMONDE Mining has reported a net loss before taxation of €2.56m in 2008, from €650,000 a year earlier, principally due to a write-down of early exploration work.

Ormonde Mining said today its after-tax loss for the six months to June 30 was €236,000, up from €201,000 in the same period last year.

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

Mining group Ormonde has reported a loss of €201,224 for the year ended June 30.

Ormonde Mining plc announced today its market quotation on the Irish Stock Exchange will be transferred from the Exploration Securities Market to the new Irish Enterprise Exchange.

Ormonde Mining has announced it is commencing its first phase of drilling at the La Zarza gold-copper deposit in southern Spain.

ISEQ-listed company Ormonde Mining plc has reported an operating loss of €108,863 for the six months to end June 2004.