Ormonde reports losses, but positions itself for growth
Mining group Ormonde has reported a loss of €201,224 for the year ended June 30.
Its admission to the AIM and associated capital raising of £3m positions the company to progress its portfolio of other mineral evaluation and exploration projects, the company said today.
Ormonde chairman Mike Donoghue said: "The combination of a solid project portfolio with increased exposure to broader equity markets in a bullish commodity cycle, means that Ormonde is well positioned for growth."
In the broader market, the metals and mining industry appears to be gathering momentum again after a somewhat quiet summer, Ormonde said today.
"Gold and copper, the metals of immediate interest to us, are presently trading at highs, the former recently reaching a 17-year high, with some analysts believing that it could be looking towards the $500 level, whilst copper is now trading in the $3,700 - $3,800 per tonne range," the company said in a statement.
"This favourable situation is supported by the growing belief that this upward readjustment in metal prices may be sustained in the longer term, albeit with periodic corrections, with market commentators forecasting a longer term commodity super-cycle driven by the emergence of the larger Asian economies."
