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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 : 0492O
Ormonde Mining PLC
30 September 2019
30 September 2019
Ormonde Mining plc
("Ormonde" or "the Company")
Interim Results for the six months ended 30 June 2019
The Board of Ormonde announces its unaudited interim results for the six months ended 30 June 2019. Ormonde's primary activity is through its 30% joint venture interest in the Barruecopardo Tungsten Mine in Salamanca, Spain ("Barruecopardo" or "the Mine"), which is operated by the Saloro S.L.U. ("Saloro").
Barruecopardo Tungsten Mine
-- The Mine is currently in its ramp-up phase, with key developments during the reported period including:
o Completion of Mine construction, commissioning of processing circuits and handover of full operational control to Saloro;
o Process plant design throughput rates achieved;
o Following initial mined ore grades being below expectations, Saloro's mining schedule was revised to accelerate waste stripping of the east wall cutback, facilitating earlier access to the main, high grade orebody;
o High grade tungsten concentrates produced from low-grade ore feed.
-- Subsequent to the end of the reported period, and as announced recently:
o Mining of the southern starter pit and east wall cutback have both made significant progress, such that initial access to the main orebody is expected in the early part of Q4 2019;
o A EUR10 million loan facility is being finalised between Saloro and Oaktree Capital Management to provide Saloro with additional liquidity support as it establishes mining operations on the main orebody;
o Saloro is preparing initial shipments of tungsten concentrates for sale within the next weeks.
Tungsten market
-- APT prices drifted from $275 per mtu to $250 per mtu during the reported period, due to general market weakness, and since the end of June dropped to $200 per mtu amid uncertainty relating to large APT stocks formerly held by the defunct Fanya Metal Exchange in China;
-- Reports of both the successful auction of the Fanya material in mid-September and scarcity of available material in the spot market are being seen as positive market developments, with latest upward market price movements supporting this view.
Other projects
-- There were no material developments during the reporting period related to the Company's other interests in Spain, which are:
o A joint venture interest in the Salamanca and Zamora gold projects, in western Spain;
o Assets being divested related to the La Zarza copper-gold project in the Iberian Pyrite Belt of southern Spain;
o Gold exploration permit applications elsewhere in Spain.
Financial results
-- The Company reports a loss after tax for the period of EUR1,108,000 (EUR411,000 loss for the 6 months to 30 June 2018), which includes a EUR1,057,000 loss (EUR338,000 loss for the 6 months to 30 June 2018) relating to its associate investment within which the Barruecopardo Mine is held. The larger loss on the associate investment relates to increased costs as Saloro ramped up operations at the Mine.
Mike Donoghue, Ormonde's Chairman and Interim Managing Director, commented:
"The first half of 2019 was a pivotal period for Ormonde and its 30% interest in the new Barruecopardo Tungsten Mine, as construction was completed and Saloro began to ramp-up mining operations. We expect Saloro to build further on this initial operational progress as mining advances, with access to the main orebody expected to be achieved during the early part of Q4.
"This progress is set against a backdrop of an improving tungsten market, with reported tight spot market availability, and the successful auction of Fanya APT stocks in mid-September."
Enquiries to:
Ormonde Mining plc
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat Tel: +44 (0)20 3 470 0470
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
Murray Consultants
Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
Notes:
"Ammonium Paratungstate" (APT) - the most commonly traded secondary downstream tungsten product. The APT price is the most widely used benchmark for pricing the tungsten concentrates produced by mines.
"mtu" - metric tonne unit, or 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 operation, and include (but are not limited to): the availability and / or delivery of equipment and contractor services; plant performance; 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 has been developed through a US$99.7 million funding package agreed with Oaktree Capital Management (70% interest). Ormonde's participation in the Mine is held through its 30 per cent minority interest in Barruecopardo Joint Venture BV, a company which is governed by a Shareholder Agreement which provides for certain rights and obligations for each party. The Mine is operated by Saloro S.L.U., a Spanish incorporated subsidiary of Barruecopardo Joint Venture BV.
For more information, visit www.ormondemining.com
Ormonde Mining plc
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2019
Hot Features
Premium
restated
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-19 30-Jun-18 31-Dec-18
EUR000s EUR000s EUR000s
Turnover (management fees) 375 375 750
Administration expenses (424) (447) (1,023)
Impairment of intangibles 0 0 (600)
______ ______ ______
Loss on ordinary activities before
investments, financing & tax (49) (72) (873)
Group share of loss on associate
investment (1,057) (338) (776)
______ ______ ______
Loss before financing & tax (1,106) (410) (1,649)
Finance costs (2) (1) 0
______ ______ ______
Loss before tax (1,108) (411) (1,649)
Taxation 0 0 (1)
______ ______ ______
Loss for the period after tax (1,108) (411) (1,650)
Other comprehensive income
Foreign exchange on translation
of overseas associate 104 305 523
______ ______ ______
Total comprehensive loss for
the period (1,004) (106) (1,127)
Earnings per share attributable
to equity holders of the Company
Basic (loss) per share (in cent) (0.23) (0.09) (0.35)
Diluted (loss) per share (in
cent) (0.23) (0.09) (0.35)
Ormonde Mining plc
Consolidated Statement of Financial Position
As at 30 June 2019
restated
unaudited unaudited audited
30-Jun-19 30-Jun-18 31-Dec-18
EUR000s EUR000s EUR000s
Assets
Non-current assets
Intangible assets 334 3,323 324
Financial assets 15,765 16,944 16,718
_______ _______ _______
Total non-current assets 16,099 20,267 17,042
Current assets
Trade & other receivables 44 67 42
Cash & cash equivalents 312 481 399
Asset classified as held for
sale 2,400 0 2,400
_______ _______ _______
Total current assets 2,756 548 2,841
_______ _______ _______
Total assets 18,855 20,815 19,883
_______ _______ _______
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 1,372 1,055 1,268
Retained losses (27,070) (24,723) (25,962)
_______ _______ _______
Total equity - attributable
to the owners of the Company 18,592 20,622 19,596
Current liabilities
Trade & other payables 262 193 287
_______ _______ _______
Total liabilities 262 193 287
_______ _______ _______
Total equity & liabilities 18,855 20,815 19,883
_______ _______ _______
Ormonde Mining plc
Consolidated Statement of Cashflows
Six months ended 30 June 2019
unaudited unaudited audited
6 Months ended 6 Months ended Year ended
30-Jun-19 30-Jun-18 31-Dec-18
EUR000s EUR000s EUR000s
Cashflows from operating activities
Loss on ordinary activities before
investments & tax (51) (73) (873)
Adjustments for:
Tax paid 0 0 (1)
Impairment of intangible assets 0 0 600
________ ________ ________
(51) (73) (274)
Movement in working capital
Movement in receivables (2) (35) (10)
Movement in liabilities (24) 91 185
________ ________ ________
Net cash used in operations (77) (17) (99)
Investing activities
Expenditure on intangible assets (10) (13) (13)
________ ________ ________
Net cash used in investing activities (10) (13) (13)
Net decrease in cash and cash
equivalents (87) (30) (112)
Cash and cash equivalents at beginning
of period 399 511 511
______ ______ ______
Cash and cash equivalents at end
of period 312 481 399
Ormonde Mining plc
Consolidated Statement of Changes in Equity
Six months ended 30 June 2019
Share Share Share Other Retained Total
Capital Premium Based Reserves Losses
Payment (restated)
Reserve
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
At 1 January 2018 13,485 29,932 837 781 (24,312) 20,723
Loss for the period - - - - (106) (106)
Foreign exchange on overseas
associate - - - 305 - 305
______ ______ ______ ______ ______ ______
At 30 June 2018 13,485 29,932 837 1,086 (24,418) 20,922
Loss for the period - - - - (1,544) (1,544)
Foreign exchange on overseas
associate - - - 218 - 218
______ ______ ______ ______ ______ ______
At 31 December 2018 13,485 29,932 837 1,304 (25,962) 19,596
Loss for the period - - - - (1,108) (1,108)
Foreign exchange on overseas
associate - - - 104 - 104
______ ______ ______ ______ ______ ______
At 30 June 2019 13,485 29,932 837 1,408 (27,070) 18,592
______ ______ ______ ______ ______ ______
Notes to the Interim Consolidated 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 Consolidated Financial Statements") of the Company, as at and for the six months ended 30 June 2019, comprise the Company and its subsidiaries (together referred to as the "Group").
The comparative information provided in the Interim Consolidated Financial Statements relating to the year ended 31 December 2018 does not comprise statutory financial statements. The audit opinion on the statutory financial statements for the year ended 31 December 2018 was unqualified.
The Interim Consolidated 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 2018, which are available on the Company's website, www.ormondemining.com. The Interim Consolidated Financial Statements for the six months ended 30 June 2019 are unaudited but have been reviewed by the Company's auditors.
The interim consolidated financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. These policies are consistent with those to be adopted in the Group's consolidated financial statements for the year ended 31 December 2019. The accounting policies applied by the Group in the interim report are the same as those applied by the Group in the consolidated financial statements for the year ended 31 December 2018, with the exception of the adoption of IFRS 16. The adoption of this standard has not had a material effect on the accounting policies of the Group.
The principal risks and uncertainties of the Group have not changed since the last annual consolidated financial statements for the year ended 31 December 2018,
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 Consolidated Financial Statements. Accordingly, they continue to adopt the going concern basis in preparing the financial information.
The unaudited Interim Consolidated Financial Statements were approved by the Board of Directors on 29 September 2019.
2. Segmental analysis
In the opinion of the Directors the Group is engaged in one business segment only, being the exploration and development of mineral resources. Therefore, only an analysis by geographical segment has been presented. The Group has geographical segments in Ireland and Spain.
The segment results for the period ended 30 June 2019 are as follows:
Ireland Spain
Total comprehensive loss for
6 months to 30 June 2019 EUR000s EUR000s EUR000s
Segment loss for period 371 737 1,108
Foreign exchange on overseas
associate - - (104)
______ ______ ______
371 737 1,004
______ ______ ______
Notes to the Interim Consolidated Financial Statements (continued)
3. Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
30-Jun-19 30-Jun-18 31-Dec-18
EUR000s EUR000s EUR000s
Loss for period (1,108) (411) (1,650)
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) (0.23) (0.09) (0.35)
______ ______ ______
Diluted earnings per share
Due to the Group's loss for the 6 months (and comparatives), the share options are anti-dilutive and therefore diluted earnings per share is the same as the basic earnings per share.
Notes to the Interim Consolidated Financial Statements (continued)
4. Share capital
30-Jun-19 30-Jun-18 31-Dec-18
EUR000s EUR000s EUR000s
Authorised equity
650,000,000 ordinary shares of 1c
each 6,500 6,500 6,500
650,000,000 A deferred shares of
1.5c each 9,750 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 2019.
6. Restatement
The restatement of the comparative numbers relates to the foreign exchange adjustment in respect of the financial asset comprising the Group's interest in Barruecopardo Joint Venture BV and is dealt with, in note 12 - Financial Assets, in Ormonde's Annual Report and Accounts 2018.
Independent Review Report to Ormonde Mining plc
Introduction
We have been engaged by Ormonde Mining plc (" the Company") to review the Unaudited Consolidated Interim Financial Statements ("the Interim Consolidated Financial Statements") in the half yearly report of the Company as at and for the six months ended 30 June 2019 comprising the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Cashflows, the Consolidated Changes in Equity and the related explanatory notes. We have read the 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 Consolidated 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 International Financial Reporting Standards ("IFRSs") as adopted by the European Union ("EU"). The Directors are responsible for ensuring that the Interim Consolidated Financial Statements included in this half-yearly financial report have 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 Consolidated 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 Engagements (UK) 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 Consolidated Financial Statements in the half-yearly report for the six months ended 30 June 2019 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union.
Brendan Murtagh
Nexia Smith and Williamson (Ireland) Limited
Chartered Accountants, Statutory Audit Firm
Paramount Court
Corrig Road
Sandyford Business Park
Dublin 18
29 September 2019
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 SEWESUFUSESU
(END) Dow Jones Newswires
September 30, 2019 02:02 ET (06:02 GMT)
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