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W Resources set to become major European tungsten producer

Snapshot

  • La Parrilla now produces on 24-hour schedule
  • First shipments completed in January
  • Significant revenues and profits expected this year
  • Other development assets progressing
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Quick facts: W Resources PLC

Price: 0.145 GBX

AIM:WRES
Market: AIM
Market Cap: £9.72 m
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What does W Resources do?

W Resources PLC (LON:WRES) is a long-standing constituent of London’s AIM market, run by mining entrepreneur Michael Masterman.

Masterman has been involved with several resources companies over the years and has plenty of experience in bringing projects all the way from early stage exploration towards and into the production stage. W Resources is focussed primarily on tungsten, tin and gold.

 

What does W Resources own?

The company owns several exploration and development assets in Spain and Portugal, most notably the La Parrilla project, which runs on a 24-hour schedule.

The first shipment was sold in January, while the company expects production to build substantially in Q1 2020 with a full three months of production and higher than expected tin production and revenue.

Meanwhile, at Régua in Portugal development work continues to progress well with plans to come on stream in 2020.

 

How it is doing

Tungsten trioxide production in the first quarter of 2020 amounted to 3,306 metric tonnes. Tin production was 12.1 dry metric tonnes.

These volumes are expected to ramp up further in 2020.

A short shut-down was put in place during the coronavirus crisis, but operations have now been re-opened. 

 

What the boss says: Michael Masterman, chairman

"Production at La Parrilla is building, albeit not at the pace we had anticipated due to early stage plant challenges having an impact on production levels for Q1 2020, as a result of a combination of unplanned downtime with mechanical issues with the jig and the crusher plants, which have now been resolved, and planned shut downs to implement important production improvement initiatives."

 

Video

 

Inflexion points

  • Start-up at the Régua project
  • Production building up at La Parrilla, reaching target of 2mln tonnes per annum

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W Resources PLC moving ahead "decisively" at La Parrilla

Chief executive of W Resources (LON:WRES) Michael Masterman said today's announced finance and offtake  package for its fast-track mine at La Parrilla in Spain allows the group to move "decisively" towards starting first production  by the December quarter. It includes a deal to...

on 08/16/2016

2 min read