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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ormonde Mining Plc | LSE:ORM | London | Ordinary Share | IE00BF0MZF04 | ORD EUR0.01 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMORM
RNS Number : 0191S
Ormonde Mining PLC
28 September 2017
Ormonde Mining plc
("Ormonde" or "the Company")
Interim Results for the Six Months Ended 30 June 2017
The Board of Ormonde announces its unaudited interim results for the six months ended 30 June 2017.
Barruecopardo Tungsten Mine Construction
-- In June 2017 the Company reported that the Barruecopardo Tungsten Mine was being advanced into an accelerated construction and implementation phase.
-- Since then, major progress in mine construction work has been achieved, including:
o all priority equipment now in manufacture;
o main dam construction underway;
o site facilities under construction; and
o civils works and other contracts awarded.
-- With mine commissioning scheduled to commence in Q3 2018, Barruecopardo is set to become a leading, low-cost European supplier of tungsten concentrates.
-- Views of recent construction activity can be seen on Ormonde's website including a mine site flyover video (http://ormondemining.com/barruecopardo-drone-fly/) and a photo gallery of works being advanced (http://ormondemining.com/timeline-in-pictures/).
Tungsten Market (notes 1 & 2)
-- Benchmark APT tungsten prices rose 12% during the reporting period, from US$193 per metric tonne unit ("mtu") in January to US$217 per mtu at the end of June.
-- Subsequently, the APT price has risen in an accelerated manner, reaching a high of US$323 per mtu, with prices recently consolidating in the range of US$300-315 per mtu, representing an increase of circa 60% year to date and 90% since January 2016.
-- Factors widely considered to underpin supportive supply-demand fundamentals include: steady growth in global industrial demand; a clampdown on Chinese mines on environmental grounds and enforcement of production quotas; and scarcity of tungsten concentrates from mining operations outside of China.
Financial Results
-- The Company reports a total comprehensive loss for the period of EUR132,000 (EUR96,000 loss for the 6 months to 30 June 2016), which includes a EUR120,000 loss relating to its associate investment within which the Barruecopardo Mine is held.
Michael Donoghue, Ormonde's Chairman and Interim Managing Director, commented:
"The half year period to June 2017 was an extremely significant one for Ormonde, with the key decision taken by the Project partners, towards the end of the period, to advance the Barruecopardo Tungsten Mine into an accelerated construction and implementation phase.
I am pleased to advise that the mine development has advanced in earnest, with significant progress being made across multiple areas, with great credit being due to the Project team and leadership. The fact that this progress is being achieved against a backdrop of rising tungsten prices continues to support our belief in the appropriateness of the decision to advance the Project in an accelerated manner, and consolidates the business case for this world class tungsten mine development.
We look forward to the continued rapid progress of mine construction work over the coming months, as we look to bring Barruecopardo on stream with mine commissioning commencing during the third quarter of 2018, into what continues to look like a favourable supply-demand situation for tungsten."
Enquiries to:
Ormonde Mining plc Tel: +353 (0)1 8014184
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
Murray Consultants
Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
Davy (Nomad, ESM Adviser and Joint Broker)
John Frain Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat Tel: +44 (0)20 3 470 0470
About Ormonde
Ormonde has a 30% interest in the Barruecopardo Tungsten Mine, located in northwest Spain. Barruecopardo is a fully permitted and fully funded mining project currently being developed through a US$99.7 million funding package agreed with Oaktree Capital Management (70% interest) in 2015. For more information, visit www.ormondemining.com.
Other Projects
-- Salamanca and Zamora Gold Projects - the Company has interests in promising gold properties in Salamanca Province (42% interest) and Zamora Province (47% interest), western Spain, held in joint venture with Shearwater Group plc.
-- La Zarza Copper-Gold Project - the Company continues to seek a divestment of its interest in La Zarza, a polymetallic massive sulphide deposit located in the Iberian Pyrite Belt mining district of southwest Spain.
Notes:
(1) Ammonium Paratungstate (APT) is the most commonly traded secondary downstream tungsten product, and the APT price is the most widely used benchmark for pricing the tungsten concentrates produced by mines.
(2) mtu - metric tonne unit, which is 10 kg.
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2017
Hot Features
Premium
unaudited unaudited audited
6 Months 6 Months
ended ended Year ended
30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Turnover 375 500 1,000
Administration expenses (386) (378) (856)
Amounts written of intangible
assets 0 0 (2,000)
Finance costs (1) (2) 0
______ ______ ______
Profit (loss) for the
period before tax (12) 120 (1,856)
Taxation 0 0 (1)
______ ______ ______
Profit (loss) for the
period after tax (12) 120 (1,857)
Group share of loss on
associate investment (120) (216) (552)
______ ______ ______
Total comprehensive (loss)
for the period (132) (96) (2,409)
Loss per share
Basic loss per share
(in cent) (0.03) (0.02) (0.51)
Diluted loss per share
(in cent) (0.03) (0.02) (0.51)
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2017
unaudited unaudited audited
30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Assets
Non-current assets
Intangible assets 3,305 5,295 3,300
Financial assets 15,906 16,363 16,026
Property, plant & equipment 0 1 0
_______ _______ _______
Total Non-current assets 19,211 21,658 19,326
Current assets
Trade & other receivables 30 74 37
Cash & cash equivalents 582 504 694
_______ _______ _______
Total current assets 612 578 731
_______ _______ _______
Total assets 19,823 22,237 20,057
_______ _______ _______
Equity & liabilities
Equity
Issued share capital 13,485 13,485 13,485
Share premium account 29,932 29,932 29,932
Share based payment
reserve 837 837 837
Capital conversion reserve
fund 29 29 29
Capital redemption reserve
fund 7 7 7
Foreign currency translation
reserve 1 1 1
Retained losses (24,630) (22,185) (24,497)
_______ _______ _______
Total equity - attributable
to the owners of the
Company 19,661 22,109 19,794
Current liabilities
Trade & other payables 162 131 263
_______ _______ _______
Total liabilities 162 131 263
_______ _______ _______
Total equity & liabilities 19,823 22,237 20,057
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2017
unaudited unaudited audited
6 months 6 months
ended ended Year ended
30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Cashflows from operating
activities
Net profit/(loss) for period
before tax (12) 120 (1,856)
Adjustments for:
Depreciation 0 0 1
Finance cost recognised
in P&L 0 2 0
Write down of intangibles 0 0 2,000
________ ________ ________
(12) 122 145
Movement in working capital
Movement in receivables 7 (39) (1)
Movement in liabilities (102) (217) (82)
________ ________ ________
Net cash (used in)/provided
by operations (107) (134) 62
Investing activities
Acquisitions & disposals 120 216 552
Expenditure on intangible
assets (5) (16) (21)
Interest received 0 0 0
________ ________ ________
Net cash used in investing
activities 115 201 531
Share of loss in associate (120) (216) (552)
Cashflow from investing
activities (5) (15) (21)
Net increase/(decrease)
in cash and cash equivalents (112) (149) 41
Cash and cash equivalents
at beginning of period 694 653 653
______ ______ ______
Cash and cash equivalents
at end of period 582 504 694
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2017
Share
based
payment
reserve
Share Share Other Retained Total
Capital Premium Reserves Losses
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
At 1 January
2016 13,485 29,932 837 37 (22,089) 22,202
Loss for the
period - - - - (96) (96)
______ ______ ______ ______ ______ ______
At 30 June
2016 13,485 29,932 837 37 (22,185) 22,106
Loss for the
period - - - - (2,313) (2,313)
______ ______ ______ ______ ______ ______
At 31 December
2016 13,485 29,932 837 37 (24,498) 19,793
Loss for the
period - - - - (132) (132)
______ ______ ______ ______ ______ ______
At 30 June
2017 13,485 29,932 837 37 (24,630) 19,661
______ ______ ______ ______ ______ ______
Notes to the Interim Financial Statements
1. Accounting policies and basis of preparation
Ormonde Mining plc is a company domiciled in the Republic of Ireland. The Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company, as at and for the six months ended 30 June 2017, comprise the Company and its subsidiaries (together referred to as the "Group").
The Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The Interim Financial Statements have been prepared applying the accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2016. There are no new standards, amendments to standards or interpretations which are mandatory for the first time for financial periods commencing on 1 January 2017 which have a significant impact on the Group's accounting policies or on the reported results.
The comparative information provided in the Interim Financial Statements relating to the year ended 31 December 2016 does not comprise statutory financial statements. Those statutory financial statements on which the Company's auditors gave an unqualified audit opinion, have been delivered to the Registrar of Companies.
The Interim Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2016, which are available on the Company's website, www.ormondemining.com. The Interim Financial Statements for the six months ended 30 June 2017 are unaudited but have been reviewed by the Company's auditors.
The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, being a period of not less than 12 months from the date of the Interim Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the financial information.
The Interim Financial Statements were approved by the Board of Directors on 27 September 2017.
2. Segmental analysis
The Group is engaged in one business segment only, development of mineral resource projects. Therefore only an analysis by geographical segment has been presented. The Group has geographic segments in Ireland and Spain.
The segment results for the period ended 30(th) June 2017 are as follows:
Ireland Spain
Loss for 6 months to
30 June 17 EUR000s EUR000s
Segment loss for period (12) (120)
______ ______
(12) (120)
______ ______
Notes to the Interim Financial Statements (continued)
3. Loss per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
Loss per share 30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Loss for period (132) (96) (2,409)
Weighted average number
of ordinary shares
for the purpose of basic
earnings per share 472,507,482 472,507,482 472,507,482
______ ______ ______
Basic loss per ordinary
shares (in cent) (0.03) (0.02) (0.51)
______ ______ ______
Diluted earnings per share
The weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows:
Loss per share 30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Loss for period (132) (96) (2,409)
Weighted average number
of ordinary shares
for the purpose of basic
earnings per share 472,507,482 472,507,482 472,507,482
Shares deemed to be issued
for no consideration
in respect of Employee
Options 0 0 0
Weighted average number
of ordinary shares
for the purpose of diluted
earnings per share 472,507,482 472,507,482 472,507,482
______ ______ ______
Diluted loss per ordinary
shares (in cent) (0.03) (0.02) (0.51)
______ ______ ______
Notes to the Interim Financial Statements (continued)
4. Share capital
30-Jun-17 30-Jun-16 31-Dec-16
EUR000s EUR000s EUR000s
Authorised equity
650,000,000 ordinary
shares of 2.5c each 16,250 16,250 16,250
100,000,000 deferred
shares of 3.809214c each 3,809 3,809 3,809
______ ______ ______
20,059 20,059 20,059
______ ______ ______
Issued capital
Share capital 13,485 13,485 13,485
Share premium 29,932 29,932 29,932
______ ______ ______
43,417 43,417 43,417
______ ______ ______
5. Post balance sheet event
A Share Capital Reorganisation (the "Reorganisation") was approved at the Company's AGM on 18 September 2017, resulting in the nominal value of Ordinary Shares being reduced from EUR0.025 each to EUR0.01 each. The Reorganisation leaves all shareholders holding the same amount of Ordinary Shares as they held prior to the Reorganisation and thus the aggregate value of their holding should remain unchanged.
With effect from 8.00 am on 19 September 2017, 472,507,482 Ordinary Shares of nominal value EUR0.01 each, being the entire issued ordinary share capital of the Company, were admitted to trading on the AIM Market of the London Stock Exchange and the ESM Market of the Irish Stock Exchange.
There were no other post balance sheet events.
The financial information has been prepared under International Financial Reporting Standards using accounting policies consistent with those in the last Annual Report.
No dividends were paid or proposed in respect of the six months ended 30 June 2017.
Independent Review Report to Ormonde Mining plc
Introduction
We have been engaged by the Company to review the Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company as at and for the six months ended 30 June 2017 comprising the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Statement of Cashflows and the related explanatory notes. We have read other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the Interim Financial Statements.
This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The Directors are responsible for ensuring that the set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the Interim Financial Statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagement (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the entity", issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the Interim Financial Statements in the half-yearly report for the six months ended 30 June 2017 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union.
Brendan Murtagh
For and on behalf of
LHM Casey McGrath Limited
Chartered Certified Accountants, Statutory Audit Firm
27September 2017
6 Northbrook Road
Dublin 6
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMGBUPMGQM
(END) Dow Jones Newswires
September 28, 2017 02:00 ET (06:00 GMT)
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