https://www.miningweekly.com

Orosur loss widens on restructuring costs

15th October 2018

By: Creamer Media Reporter

     

Font size: - +

South America-focused Orosur Mining posted a pre-tax loss of $6.1-million in the quarter ended September 30, a significant increase from a year earlier loss of $384 000, as restructuring costs ballooned following the closure of the company’s Uruguay operations.

Orosur has been restructuring the Uruguay subsidiary, Loryser, since June and in August placed its San Gregorio operation under care and maintenance. The company incurred restructuring costs of $3.3-million in the quarter under review.

The TSX- and Aim-listed firm reported on Monday that it had a cash balance of $1.5-million, of which $400 000 is held by Loryser and is subject to the reorganisation procedures.

Its total debt of $1.9-million is held by Loryser.

Following the closure of the San Gregorio mine, Orosur’s focus has shifted to its exploration project in Colombia. Gold major Newmont has partnered with the junior to advance the high-grade Anzá project.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 0.961s - 110pq - 2rq
Subscribe Now