Irish-listed exploration firm Ormonde Mining has reported a pre-tax loss of €1.6 million for 2014, compared with a loss of €1.8 million for the preceding year.

The group said it made significant progress in terms of its Barruecopardo mine in the south of Spain last year. An environmental permit was approved early in 2014 and a mining concession was granted to the company's Spanish subsidiary Saloro in November.

The Meath-based company also raised £2 million (€2.7m) through a placing in April 2014 to progress engineering works, permitting and funding activities relating to Barruecopardo and for general working capital purposes.

US fund Oaktree Capital recently took a majority stake in the Barruecopardo mine after shareholders in Ormonde voted overwhelmingly in favour for a deal which saw the fund and the company split ownership of the tungsten mine 70 per cent - 30 per cent in return for €90 million in debt and equity.

Barruecopardo is due to start production in late 2016 and Ormonde said it was positioned to develop it into a significant, low-cost mine and a major European supplier of tngsten, with expansion potential.

"The past year has been one of transformative progress for Ormonde, with the mining concession for Barruecopardo being issued by the Spanish authorities, and the agreement of a $99.7 million (€88.4m) funding package with Oaktree Capital to allow for the development of our flagship Barruecopardo Tungsten Project. These two major milestones transform Ormonde from an exploration to a mining company, as we now move into the development stage at Barruecopardo," said chairman Mike Donoghue.

Canadian mining firm Almonty Industries said last month it had no remaining interest in Ormonde. Almonty has preciously approached the firm with a €27 million non-binding takeover proposal, which was rejected by the board in favour of the Oaktree deal.