PERTH (miningweekly.com) – ASX- and Aim-listed Wolf Minerals has increased an existing bridge facility by £10-million to support short-term working capital as the company progressed operations at its Drakelands tungsten mine, in the UK.
An existing bridge facility with Resource Capital Fund VI has been increased from £45-million to £55-million.
Wolf said on Monday that the funds advanced under the bridge facility to date had been used to progress the operating turnaround plan at the Drakelands mine to improve the performance of the dense media separation circuit, the refinery, the gravity fines circuit and to fund maintenance activities.
“The operating turnaround plan is delivering improved processing plant performances and is also building knowledge and experience across the business,” said Wolf MD Richard Lucas.
“When combined with improving tungsten market conditions, this provides an exciting outlook for 2018.”