https://www.miningweekly.com

W Resources receives preliminary approval for tungsten mine funding

12th December 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed W Resources has received preliminary approval from US Specialists Situations Fund for a $30-million term loan to fund the La Parrilla tungsten mine, in Spain.

The term loan is subject to final due diligence and legal documentation, with financial close targeted for late December or early January, the company reported on Tuesday.

The loan will fully fund the development of the two-million-tonnes-a-year La Parrilla mine, which will produce 2 700 t/y of tungsten concentrate. The company has signed offtake letters of intent with two customers.

"2018 looks set to be a transformational year for the company as we conclude the plant development and start production at La Parrilla, which is on track to be one of the world's largest tungsten mines, whilst remaining extremely low-cost to bring into production,” said W Resources chairperson Michael Masterman on Tuesday.

He reported that development work at La Parrilla was progressing well. Engineering was on schedule for completion in the first quarter and he said that orders for all long lead items had been placed.

The company also expects formal feedback on the grants application for a percentage of the €19.5-million plant and facilities package from the Junta de Extremadura government in January.

W Resources has submitted the environmental approval documentation to expand the mine from two-million tonnes a year to 3.5-million tonnes a year.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.054 0.085s - 126pq - 2rq
Subscribe Now