Exploration group Ormonde Mining narrowed its losses in 2010, reporting a deficit of €1.08 million for the year. This compares with a loss of €1,579,370 a year earlier. The level of expenditure on company activities rose to €842,000, from €568,000 the previous year.

The company – listed on the junior markets in Dublin and London – said it made significant advances in 2010 towards its primary goal of becoming a major tungsten producer. Prices rose rapidly last year, driven by sustained demand and restricted supply. “The prognosis for a sustained higher tungsten price is real,” chairman Michael Donoghue said.

The company also said it strengthened its investor base, attracting a number of new institutional investors.