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.