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W Resources chair: funding now priority after La Parilla permit approval

The chairman of W Resources (LON:WRES), Michael Masterman, says finding a joint venture partner to help fund its La Parilla tungsten mine in Spain is now the priority after securing an environmental approval at the site.

“Environmental approval gives us a very clear path towards production,” said Masterman. “Mine development approval is now expected in September. Concluding our funding arrangements is a key objective over the next 3-6 months.”

The plan is to kick off with a fast-track mine, completed next year following an estimated capital spend of US$16mln.

The full mine will then come on stream in 2018, producing at a rate of around 5,000 tonnes of tungsten trioxide and 400 tonnes of tin.

Quick facts: W Resources PLC

Price: 0.11 GBX

AIM:WRES
Market: AIM
Market Cap: £8.1 m
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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