Hazelwood pays debt with ferrotungsten sale
JOHANNESBURG (miningweekly.com) – Ferrotungsten miner Hazelwood Resources has repaid a A$3.5-million short-term bridging facility with part of the sales proceeds from its third production campaign.
The short-term facility was used to finance the ramp-up of ferrotungsten production from the ATC ferrotungsten project, in Vietnam.
Hazelwood said on Thursday that several containers of premium grade ferrotungsten, worth more than A$4-million of sales, were dispatched in late November, and this third campaign would continue until January, the company said.
The third campaign was expected to generate a further A$8-million in additional sales revenue over that period.
Meanwhile, MD Terry Butler-Blaxell said that following the recent A$5-million placement, the company can now continue towards record production levels.
The third production campaign would process some 400 t of additional feedstock, and Butler-Blaxell noted that procurement for the next campaign in early 2014 was also advancing well.
Stage 1 of the ATC plant had a nameplate capacity of 4 000 t/y of ferrotungsten alloy, equivalent to 3 000 t/y of contained tungsten. A second stage, if completed, would have sufficient capacity to supply around 25% of the world’s ferrotungsten.
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