Ormonde Mining Share Discussion Threads

[king suarez] 02/3/2019 13:35

You should usually expect results a couple of months after period end date. Work doesn't really start until the period closes and figures are finalised. Then there is a long period of audit (depending on how rigorous their analysis and controls testing is!). Where I work the year end is 31 March and the results don't get published till mid June - added complication of the document being laid before parliament though.

5 1/2 months I would consider pretty 'late/slack' though!

[depjoe] 01/3/2019 16:30

another good post from serial ramper best of the day

[mip55] 01/3/2019 16:22

Must admit my comment was a little tongue in cheek considering we had to wait five and a half months last year. I can dream!

[king suarez] 01/3/2019 16:12

I'm an accountant. Publication of annual accounts don't get unnecessarily delayed or held back in order to give additional news.

They get published as soon as they are signed off by the auditors. If there is anything meaningful happened between year end date and publication date you may get a narrative in the notes to the accounts referring to 'post balance sheet date event(s)'.

[admiral jellicoe] 01/3/2019 15:58

SP has bounced back on Euronext, marginally up 1.5% or so:-))

[mip55] 01/3/2019 15:46

I wonder if ORM are delaying publishing annual results from 31 Dec 2018 in order to give us some good news? Having said that they weren't released till mid June last year! Bought another 28,000 or so on the dip hoping for a quick reduction of loss, if not a profit.

[vish65] 01/3/2019 15:37

Producing is one thing. Making a profit is something else. Commissioning is still high risk . Plenty can go wrong . Need to wait for performance metrics before buyers jump on board in meaningful volumes. Still very early days.

[jbe81] 01/3/2019 14:07

Orm still a bargain for anybody with cash, cant see these prices lasting into April. Would be surprised if Orm is not bought for multiples of todays share price this year

[admiral jellicoe] 01/3/2019 10:41

The day is still young yet, should bounce back before close, one would think?A few points from my side if I may share them with you.1). Mining of the ore has commenced and in fact this has been happening for some months now. So Ormonde Mining is currently mining.2). Processing of the ore is taking place, crushing etc.3). Processing of the crushed ore is in progress, at a reduced rate due to various teething issues / snagging / punch lists which have to be resolved as the operators gain in experience with operating the separators.4). Due to the issues in point 3 above the concentrate may have to be run through the plant a number of times until the correct grade is achieved.5). Eventually enough product will be accumulated for the first "Sell to Market" and Barracupardo will start exporting tungsten concentrate and the money will start to return to the company. I hope there is photos or an announcement of the first payday!6). As time progresses and teething issues are resolved processing rates can be steadily increased which means more money returning, workforce and management can settle down / relax a bit more and get into a more stable routine etcNew project start ups / commissioning of plant / equipment can be very difficult / demanding but management + workforce will have to dig deep and find the determination + strength to get on top of the issues. They will do it, they will be successful.It was never going to be a single moment in time of we're not producing to suddenly we are producing, there was always going to be a slow start and gradual ramp up of production.The share price is a bit of a concern though, there simply is not enough buyers atm. We may be looking at another 12 months for the first year results to be published before serious share activity gets going

[dolores123] 01/3/2019 10:27

Hope your right 12vic.

[12vic] 01/3/2019 09:36

A classic case of MMs trying to work it. Production is coming they know it and want the shares.

[dolores123] 01/3/2019 09:10

Someone sold at a daft price!

[dolores123] 01/3/2019 08:40

We've waited years for this tungsten mine to be developed and now it is and on the verge of significant production it seems to be forgotten.

[dickie90] 01/3/2019 08:40

Daylight robbery! Shocking!

[cyberbub] 01/3/2019 08:37

The perils of illiquidity... a £700 trade takes the market cap down £2M.... sigh....

[bazaoil] 26/2/2019 16:37

Don’t think this small delay was unexpected. Signs this week that European APT prices have started to edge up. Maybe perfect timing by ORM.If they go anywhere near the highs of last year ( and long term forecasters have said they will and more) this is a very sweet share price for a mine a few short weeks from production.

[cpap man] 26/2/2019 11:30

Ormonde Mining* (ORM LN) 4.2p, Mkt Cap £19.8m – Progress report on Barruecopardo commissioning

Ormonde Mining reports that construction and commissioning of its 30% owned Barruecopardo tungsten project in Spain is now expected to “continue during the following weeks, including producing tungsten concentrates, which will lead on to a progressive transition from the commissioning phase into the gradual ramp-up of production at Barruecopardo.”;

Mining has concentrated on the northern part of the starter pit and on waste stripping of the east wall of the historic open-pit mine.

Open-pit mining of tungsten ore started in January and used to help commission the crushing and screening plant and prepare a stockpile of fine ore for the commissioning of the process plant, which has already treated some ore as part of the “hot-commissioning” which “will continue during the remainder of February and into March.”

Commenting on the progress, Chairman, Michael Donoghue, confirmed that mining was underway and wet and dry commissioning of the process plant was now “mostly complete, with ore now being introduced to the process plant”.

Mr. Donoghue went on to observe that “"These are significant milestones for the Project, and we look forward to seeing ore commissioning progress during the weeks ahead and the successful transition into the Project's production phase."

Conclusion: The commissioning of the Barruecopardo tungsten operation now seems to be well underway with initial ore already being fed into the plant. The precise timetable for moving from commissioning into the build up to full scale production is not clear but as the spring weather approaches, Barruecopardo should be in a good position to avoid any timing delays resulting from adverse weather. We look forward to further news as the project gets closer to commercial production.

*SP Angel acts as Broker to Ormonde Mining

[petomi] 26/2/2019 09:08

A few weeks delay not much compared with many projects. But no doubt some complex processes still to work through so it will be good to see real production and then hopefully us LTHs will see more than a 5% rise! Credit to the management for getting this far

good luck all

[cyberbub] 26/2/2019 08:30

Good news. A few weeks behind maybe, but no problems as such. And what's a few weeks when it's taken many years to reach this point?Now all we need is the tungsten price to start ticking up please!

[admiral jellicoe] 26/2/2019 08:22

It's all positive, yes some slippage with the process plant and various snag / punch lists etcIf the team of operators are relatively "green" then it's also a bit of a learning curve for them too.The photos are super, and I can't believe they got all that work done for about 50 million dollar. Seems very cheap.

[12vic] 26/2/2019 08:19

.,. Correction first product from spiral concentrator on website

[12vic] 26/2/2019 08:10

And first product pictures shown on website.

[wanobi] 26/2/2019 07:49

about time lol :-) go ORM cheers Wan