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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 : 0750C
Ormonde Mining PLC
27 September 2018
27 September 2018
Ormonde Mining plc
("Ormonde" or "the Company")
Interim Results for the six months ended 30 June 2018
The Board of Ormonde announces its unaudited interim results for the six months ended 30 June 2018, including an update on the Barruecopardo Tungsten Project in Salamanca, Spain ("Barruecopardo" or "the Project"), where the Company holds a 30% interest:
Barruecopardo Tungsten Mine Construction
Significant advancements have been made over the year to-date including:
-- Construction of the Metso turnkey crush and screen plant completed, and commissioning of the entire crushing plant has now commenced following the successful initial commissioning of the primary crusher in August;
-- The water dams have been constructed and lined, and the pipeline from the open pit to Dam A has recently been completed and commissioned, with pit dewatering now underway;
-- Construction and initial commissioning of the water treatment plant completed; commissioning will continue as the remaining pipework and pumps are installed;
-- The installation of major equipment and structures at the process plant is also well-advanced, with approximately 80% of these works now complete;
-- Process plant commissioning expected to commence at the start of December with first production of tungsten concentrates from the beginning of February;
-- Main high-tension powerline has recently been connected to the Barruecopardo Substation by Iberdrola and the low voltage electrical installation has commenced;
-- Ongoing "production readiness" activities include grade control drilling and modelling, to feed into a revised mining schedule and operations budget for the year one ramp up phase of production;
-- The average site headcount for the six months ended 30 June 2018 was 127, including 32 from Barruecopardo and surrounding towns;
-- European APT prices increased from US$313 in January to US$352 per metric tonne unit ("mtu") at the end of June, due primarily to the impact of environmental inspections on Chinese APT production; prices fell during the summer period and now stand at the US$275-290 per mtu range;
-- Recent site photos of the construction activity can be seen on Ormonde's website at the following link http://ormondemining.com/timeline-in-pictures/.
Other Projects
-- There were no material developments during the reporting period related to the Company's other interests in Spain, which include its joint venture interest in the Salamanca and Zamora Gold Project, assets being divested in the Pyrite Belt, and gold exploration permit applications elsewhere in Spain.
Financial Results
-- The Company reports a total comprehensive loss for the period of EUR411,000 (EUR132,000 loss for the 6 months to 30 June 2017), which includes a EUR338,000 loss (EUR120,000 loss for the 6 months to 30 June 2017) relating to its associate investment within which the Project is held.
Mike Donoghue, Ormonde's Chairman and Interim Managing Director, commented:
"The year to date has seen significant advancements for Ormonde, as the Barruecopardo Tungsten Project has progressed through its construction phase and into the important commissioning phase, which commenced in August 2018. This key milestone was achieved on budget and materially in line with the Project's construction schedule.
"The focus over the coming period will be on the completion of construction and commissioning of the plant, in tandem with work surrounding updates to the mining schedule and operational budgets for the initial year of mining ahead of the Project entering its production phase in the first quarter of 2019."
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
Notes:
"Ammonium Paratungstate" (APT) - 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.
"mtu" - metric tonne unit, which is 10 kg.
This announcement includes certain statements that may be deemed "forward-looking statements". Although the Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Risk factors are typical of a mining project development and include (but are not limited to): the availability and / or delivery of equipment and contractor services to complete mine construction on schedule and on budget; plant performance during and after commissioning; rates of metal recovery in the process plant; mined ore tonnages and grade in comparison to estimated ore reserves; cost overruns and the potential for future additional funding requirements; and tungsten concentrate sales prices.
Barruecopardo is a fully permitted and funded mining project currently being developed through a US$99.7 million funding package agreed with Oaktree Capital Management (70% interest). Ormonde's participation in the Project is held through its 30 per cent minority interest in Barruecopardo Joint Venture BV, a company which is governed by a Shareholder Agreement between Ormonde and its partner which provides for certain rights and obligations for each party.
For more information, visit www.ormondemining.com
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2018
Hot Features
Premium
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-18 30-Jun-17 31-Dec-17
EUR000s EUR000s EUR000s
Turnover 375 375 750
Administration expenses (447) (386) (764)
Finance costs (1) (1) (1)
______ ______ ______
Loss for the period before tax (73) (12) (15)
Taxation 0 0 0
______ ______ ______
Loss for the period after tax (73) (12) (15)
Group share of loss on associate
investment (338) (120) (86)
______ ______ ______
Total comprehensive loss for
the period (411) (132) (101)
Loss per share
Basic loss per share (in cent) (0.09) (0.03) (0.02)
Diluted loss per share (in cent) (0.09) (0.03) (0.02)
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2018
unaudited unaudited audited
30-Jun-18 30-Jun-17 31-Dec-17
EUR000s EUR000s EUR000s
Assets
Non-current assets
Intangible assets 3,323 3,305 3,311
Financial assets 15,890 15,906 16,227
_______ _______ _______
Total Non-Current Assets 19,213 19,211 19,538
Current assets
Trade & other receivables 67 30 32
Cash & cash equivalents 481 582 511
_______ _______ _______
Total current assets 548 612 543
_______ _______ _______
Total assets 19,761 19,823 20,081
_______ _______ _______
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 (24,723) (24,630) (24,312)
_______ _______ _______
Total equity - attributable to
the owners of the Company 19,568 19,661 19,979
Current liabilities
Trade & other payables 193 162 102
_______ _______ _______
Total liabilities 193 162 102
_______ _______ _______
Total equity & liabilities 19,761 19,823 20,081
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2018
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-18 30-Jun-17 31-Dec-17
EUR000s EUR000s EUR000s
Cashflows from operating activities
Net loss for period before tax (73) (12) (15)
Movement in Working Capital
Movement in receivables (35) 7 5
Movement in liabilities 91 (102) (162)
________ ________ ________
Net cash used in operations (17) (107) (172)
Investing activities
Acquisitions & disposals 338 120 86
Expenditure on intangible assets (13) (5) (11)
________ ________ ________
Net cash used in investing activities 325 115 75
Share of loss in associate (338) (120) (86)
Cashflow from investing activities (13) (5) (11)
Net movement in cash and cash
equivalents (30) (112) (183)
Cash and cash equivalents at beginning
of period 511 694 694
______ ______ ______
Cash and cash equivalents at end
of period 481 582 511
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2018
Share based
Share payment Other Retained
Share Capital Premium reserve Reserves Losses Total
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
At 1 January 2017 13,485 29,932 837 37 (24,211) 20,080
Loss for the period - - - - (132) (132)
______ ______ ______ ______ ______ ______
At 30 June 2017 13,485 29,932 837 37 (24,343) 19,948
Loss for the period - - - - 31 31
______ ______ ______ ______ ______ ______
At 31 December 2017 13,485 29,932 837 37 (24,312) 19,979
Loss for the period - - - - (411) (411)
______ ______ ______ ______ ______ ______
At 30 June 2018 13,485 29,932 837 37 (24,723) 19,568
______ ______ ______ ______ ______ ______
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 Unaudited Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company, as at and for the six months ended 30 June 2018, 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 audited consolidated financial statements for the year ended 31 December 2017. There are no new standards, amendments to standards or interpretations which are mandatory for the first time for financial periods commencing on 1 January 2018 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 2017 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 audited consolidated financial statements of the Group as at and for the year ended 31 December 2017, which are available on the Company's website, www.ormondemining.com. The Interim Financial Statements for the six months ended 30 June 2018 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 26 September 2018.
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 June 2018 are as follows:
Ireland Spain TOTAL
Profit for 6 months to 30 June
18 EUR000s EUR000s EUR000s
Segment loss for period (359) (52) (411)
______ ______ ______
(359) (52) (411)
______ ______ ______
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-18 30-Jun-17 31-Dec-17
Loss for period EUR'000s (411) (132) (101)
Weighted average number of
ordinary shares
for the purpose of basic earnings
per share Shares 472,507,482 472,507,482 472,507,482
______ ______ ______
Basic loss per ordinary shares
(in cent) (0.09) (0.03) (0.02)
______ ______ ______
Diluted earnings per share
The weighted average number of ordinary shares used in the calculation of diluted earnings per share are as follows:
30-Jun-18 30-Jun-17 31-Dec-17
Loss for period EUR000s (411) (132) (101)
Shares deemed to be issued for
no consideration
in respect of Employee Options - - -
Weighted average number of ordinary
shares
for the purpose of diluted earnings
per share Shares 472,507,482 472,507,482 472,507,482
______ ______ ______
Diluted loss per ordinary shares
(in cent) (0.09) (0.03) (0.02)
______ ______ ______
Notes to the Interim Financial Statements (continued)
4. Share capital
30-Jun-18 30-Jun-17 31-Dec-17
EUR000s EUR000s EUR000s
Authorised Equity
650,000,000 ordinary shares of 2.5c - 16,250 -
each
650,000,000 ordinary shares of 1c
each 6,500 - 6,500
650,000,000 A deferred shares of
1.5c each 9,750 - 9,750
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
There were no 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 2018.
Independent Review Report to Ormonde Mining plc
Introduction
We have been engaged by the Company to review the Unaudited Consolidated Interim Financial Statements ("the Interim Financial Statements") of the Company as at and for the six months ended 30 June 2018 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 2018 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
26 September 2018
6 Northbrook Road
Dublin 6
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR PGUGUBUPRGMQ
(END) Dow Jones Newswires
September 27, 2018 02:00 ET (06:00 GMT)
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