Wolf adjusts finances as Drakelands ramps up
PERTH (miningweekly.com) – ASX- and Aim-listed Wolf Minerals has secured an additional £4-million in funding as it ramps up operations at its Drakelands openpit mine, at the Hemerdon tungsten and tin project, in England.
Wolf Minerals on Monday said that the existing bridge facility will be increased from £65-million to £69-million, subject to documentation, with a standstill agreement now in place with senior lenders regarding outstanding fees and matters of default, with the principal senior debt and interest payments of around £2.1-million also deferred until October 28.
Furthermore, Wolf will be given access to up to £1.7-million from the rectification account, which is currently restricted for use on the noise and vibration management plan.
£2-million of the new funding will be made available immediately.
Wolf told shareholders that the financing arrangements would be sufficient to support the company’s short-term working capital requirements until October 28, during which time the company will undertake a strategic review of its funding arrangements.
“As we drive further operating improvements towards self-sustaining cash flows and convert value-adding opportunities, such as ore pre-processing, these financing arrangements provide additional flexibility to prepare for our future as a significant contributor in the tungsten market,” said Wolf MD Richard Lucas.
“The support we receive from each of our key project stakeholders is fundamental to the long-term success of Wolf and we recognize their shared vision of a secure, long-term source of tungsten in the UK.”
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