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 provide US$2mln of equipment finance for a crusher that would take La Parrilla’s output up to 1.95mln tonnes per year, or 2,500 tonnes of tungsten concentrate.
The bringing forward of installing the crusher means the firm can move further towards its low operating cost structure, said Masterman. On the ground now, the firm is refurbishing the concentrator, he added.
A distinguishing factor of the next phase of mining will be the start of tin production, as well as tungsten, said the company boss, which will add a second revenue stream to the operation.