In Short

A round-up of today's other stories in brief...

Ormonde raises estimate for tungsten mine

Ormonde Mining said yesterday that the estimated payload in its Spanish tungsten mine is three times what it originally believed. The company's losses for the first six months of the year rose 25 per cent to €379,000 from €284,000, largely on the back of increased expenses.

The deficit translated into a basic loss per share of 19 cent for the period, against 17 cent during the first half of 2007.

Assets rose €3 million to €12.9 on June 30th this year million from €9.9 million 12 months earlier.

The group raised €1.64 million from a share placement last July. Ormonde said yesterday that its Barruecopardo tungsten mine in Spain is positioned to deliver three million tonnes of ore.

The company had originally estimated that it carried one million tonnes. Ormonde said it believes that the mine could produce 90,000 tonnes of the metal a-year.

Tungsten has a high melting point and is used in light bulb filaments, heating elements, engines, as well as for toughening steel and as a range of other purposes.

Ormonde is continuing to look at ways of exploiting its potential gold and copper resource in La Zarza, which is also in Spain.

Crystal firm to hold special meeting

Waterford Wedgwood will hold an extraordinary general meeting on October 13th to seek approval for its offer to raise up to €101.7 million and a follow-on placing to raise an additional €52 million.

The funding will provide capital to enable the new management team to implement a business plan, reduce indebtedness and provide working capital ahead of the Christmas trading period, the company said.

Elan gains on Tysabri claim

Elan, Irelands largest drugmaker, gained for a second consecutive day of Dublin trading after saying that patients taking its Tysabri multiple sclerosis treatment had a greater chance of sustained improvement in their condition over two years.

Elan increased 33 cent, or 4.3 per cent, to €7.97. The stock has fallen 46 per cent this year, giving the company a market value of €3.78 billion.

The Dublin-based drug developer and US partner Biogen Idec said that a post-hoc analysis of a Tysabri trial showed the medicine increased the probability of achieving sustained improvement when compared with a placebo.

Elan said the analysis showed the drug may reverse the effects of MS, rather than only slowing or preventing its progression. - ( Bloomberg)

Firms may move HQ to Republic

Two more British companies are understood to be considering moving headquarters to the Republic in a bid to cut their tax liabilities.

The Irish tax on corporate profits is 12.5 per cent against Britain's 28 per cent, while there are incentives for companies seeking to open headquarters in the State.

Kingfishers, parent of DIY chain owner BQ, is considering changing its tax domicile. Ireland was yesterday named as a possible location for its new home should it decide to move.

Kingfishers is a multinational operator and less than half its turnover comes from its British operations.

The group's BQ business has stores in Ireland.

Last week it reported that sales for the first half of the year were £5.1 billion sterling, while profits hit £277 million.

Insurer Royal Sun Alliance is also considering moving from the UK, and reports yesterday suggest that the Republic is one of the options it is examining.

A spokesman told The Irish Timesthat the company is reviewing its tax domicile, but stressed that "no decision had been made".

He added that Royal Sun Alliance had not named any alternative tax jurisdictions to Britain and would take some time to complete its review. However, the Republic is likely to be under consideration as it would be one of the more viable options for the insurance giant.

Women's network opens Irish branch

High-achieving Irish women will be given the opportunity to develop their professional skills and establish new networks with peers, with the establishment of a branch of the Canada-based Womens Executive Network (WXN) this week.

The organisation will offer networking, mentoring and professional development programmes for women in managerial and executive positions. Founder, entrepreneur Pamela Jeffery, is in Dublin this week for the first meeting of the WXN advisory board, which includes Maeve Donovan, managing director of The Irish Times; Fionnuala Croke, head curator of the National Gallery of Ireland and Danuta Gray, chief executive of 02 Ireland.