Ormonde Mining plc
Climate Impact & Sustainability Data (2021)
Reporting Period: 2021
Environmental Metrics
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Since the disposal of its interest in the Barruecopardo Tungsten Mine in Spain, the Group’s activities and their potential environmental impact are currently limited, however Ormonde still seeks to ensure that it assesses its environment impact and seeks to minimise or offset any negative effects.
Governance Achievements
- Restructured the Board
- Reorganised the Company to operate on a reduced cost basis
- Reduced Board and management cost by approximately 60 percent
Climate Goals & Targets
Environmental Challenges
- Exploration Risk: Exploration and development activities may be delayed or adversely affected by factors outside the Group's control, in particular: global pandemics; climatic conditions; performance of partners or suppliers; availability of qualified staff and contractors; availability, delays or failures in installing and commissioning plant and equipment; unknown geological conditions; remoteness of location; actions of host governments or other regulatory authorities relating to the grant, maintenance or renewal of any required authorisations; and environmental regulations or changes in law.
- Commodity Price Risk: The demand for, and price of, commodities is dependent on factors including global and local supply and demand, investment trends, actions of governments or cartels and general global economic and political developments.
- Political Risk: As a consequence of activities in different parts of the world, the Group may be subject to political, economic and other uncertainties, including but not limited to regime change, changes in national laws and mining policies and exposure to different legal systems.
- COVID-19 pandemic disruption to activities and due diligence on shortlisted projects.
- Potential impairment of La Zarza assets if disposal does not materialize.
Mitigation Strategies
- The Board has, since its reconstruction in late 2021, endeavoured to reduce the Company’s overheads, with Board and management cost lower, on a full year basis, by approximately 60 percent.
- The Company is currently seeking new investment opportunities.
- The Group is also looking to conclude the sale of its La Zarza assets.