Aim-listed W Resources has restarted production at the La Parrilla mine, in Spain, following an extended maintenance shutdown, during which a series of improvements were carried out to streamline the efficiency and overall recovery of the plant.
In addition, the company delayed the restart of operations to evaluate options for liquefied natural gas (LNG) supply, following a 425% increase announced last month.
W reports that it has received the first tranche of funds from BlackRock Financial Management and that part of it has been deployed to secure deliveries of LNG to power the plant. In the meantime, the company continues to monitor the LNG price and is looking to accelerate plans to have a second electricity power line connected to the mine, as well as investigating access to solar energy which will reduce its reliance on LNG.
"The war in Ukraine is creating unprecedented pressure on energy prices, which the company has to navigate and is evaluating all alternative options available. Notwithstanding this challenge, demand for our tungsten and tin concentrate remains very strong and prices remain robust,” says chairperson Michael Masterman.