Aim-quoted W Resources has secured a €500 000 revolving credit facility with Spanish Bank CaixaBank, providing it with ramp-up working capital financing for the La Parrilla mine.
The Caixa facility is in place and funds have been drawn.
W is in the process of negotiating additional facilities, it said in an announcement on Thursday.
“The Caixa facility allows us to further reduce the average cost of funds of our debt facilities and provide solid working capital support for the ramp-up of La Parrilla,” said chairperson Michael Masterman.
Last week, the La Parrilla tungsten and tin mine started commercial production, setting the company on track towards achieving its target two-million-tonne-a-year run-of-mine (RoM), to produce 2 000 t of tungsten trioxide (WO3) concentrate.
La Parrilla is a tungsten and tin mine with a 49-million-tonne resource, grading 998 parts per million (ppm) WO3 and reserves of 29.8-million tonnes, at a diluted grade of 931 ppm WO3.
Production started in December 2018 and the mine is currently in the ramp-up phase to mine two-million tonnes a year of RoM.