logo-loader

Wolf Minerals unveils US$82mln funding for tungsten/tin project

Last updated: 02:19 07 Dec 2012 EST, First published: 03:19 07 Dec 2012 EST

no_picture_pai

Wolf Minerals (LON:WLFE, ASX:WLF) has struck a deal that will see Resource Capital Fund (RCF) provide it with an US$82mln funding package.

The funds will go towards the continued development of the Hemerdon tungsten and tin project in Devon and the start of construction there.

The funding package will comprise a US$75mln 12-month secured bridge finance facility and a consideration for the purchase of a 2% royalty by RCF on gross revenues from all metals and minerals produced from Hemerdon.

“We are delighted to secure this funding package with RCF to further progress the Hemerdon project,” said Wolf’s managing director Humphrey Hale.

“We welcome the continued support of RCF in our goal to develop the project in to a globally significant new source of tungsten supply, and we now look forward to moving forward with our mine development and construction plans.”

Shares lifted 8% in London to 14.85p each on the news.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 3 minutes ago