Orosur Mining Narrows Loss As It Continues With Transformation

LONDON (Alliance News) - Orosur Mining Inc on Tuesday reported a broadly flat loss for its third ...

Alliance News 16 April, 2019 | 1:03PM
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LONDON (Alliance News) - Orosur Mining Inc on Tuesday reported a broadly flat loss for its third quarter, despite no sales after the closure of its mine.

Orosur's pretax loss for the tree months to February 28 was USD2.0 million, flat year-on-year, and posted no sales following USD8.6 million the same period a year prior.

Last August, Orosur put its San Gregorio mine in Uruguay on care and maintenance due to falling grades, hitting production and increasing costs.

"At the end of 2018, the company managed to close two key strategic agreements which provide a platform to transform Orosur: in Colombia with Newmont and with Loryser creditors in Uruguay," said Chief Executive Ignacio Salazar.

"The company has been working diligently to deliver on both agreements during last quarter and remains committed to its plan to restructure its businesses, and recapitalize and transform the company."

Loryser is Orosur's Uruguayan subsidiary, and the firm has been restructuring it since last June. Newmont Mining Corp is a major shareholder in Orosur, and the two are now working on the Anza project in Colombia.

Orosur shares were 1.9% higher Tuesday afternoon at 3.16 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Orosur Mining Inc 2.90 -
Orosur Mining Inc 0.05 -
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