Exploration company Ormonde Mining has reported a pre-tax loss of €450,000 for 2003.
A €346,000 write-off relating to investments in projects in Tanzania was a major contribution to the deficit
Ormonde said it is focusing on gold prospects in Spain, having finished the first phase of drilling at Salamon in the north-east of the country. Exploration is also planned at two more projects in Galicia in north-west Spain.
The company is continuing to build its presence in Morocco by maintaining its subsidiary Exprotra S.A.R.L.
However, the decision to scale down activities in Tanzania was a major contribution to losses for the year, said chairman Mr Michael Donoghue.
The broader strategy of growth through acquisition has not been neglected, Mr Donoghue added. At least one potential acquisition has been lined up although Ormonde is not yet naming it.
Mr Donoghue said: "Ongoing acquisition endeavours continued during the year and, while success can never be guaranteed in this area, we are extremely hopeful that this work will culminate in at least one additional acquisition in coming months."
Operating income for the year was €26,423 up from €12,697 in the previous 12 months.
In 2003, the firm also widened its shareholder base, with 45 per cent of Ormonde now in the hands of UK investors, compared to 24 per cent at the end of 2002.
