Stock Market News
W Resources gains major offtake deals for tungsten project
W Resources announced on Friday that it has secured two long-term offtake agreements for tungsten from its La Parilla mine in Spain.
The company will supply Wolfram Bergbau und Hütten AG (WBH) and an unnamed second company which is a leading supplier to the USA tungsten markets with 66% tungsten concentrate on competitive pricing terms.
WBH is Europe's largest tungsten processing company.
Ulrika Wedburg, president of WBH, said: "We are pleased to see the development of another tungsten deposit in Europe and are looking forward to adding the production of the La Parrilla Mine to our supply portfolio."
The agreement will cover the initial T2 development of the mine and account for approximately 80% of the planned production tonnage from this phase.
Michael Masterman, chairman of W Resources said: "We are delighted to have executed two long term offtake agreements, where tungsten product will be delivered directly to the customers' state of the art, large capacity scheelite tungsten processing plants. The agreements provide W with assurance of a solid revenue stream once production commences in early 2019 as we now focus on the implementation of the mine development plan following the recent US$35 million funding from BlackRock."
The loan from BlackRock was secured last week and has been used to repay short term loans from Symmall Pty and Beronia Investments, as well as to fund the developments at La Parrilla.
W Resources plans to deliver the project within 12 months from the close of financing, with production to start in the first quarter of 2019.
As of 1001 GMT, W Resources' shares were up 5.70% at 0.60p.
The company will supply Wolfram Bergbau und Hütten AG (WBH) and an unnamed second company which is a leading supplier to the USA tungsten markets with 66% tungsten concentrate on competitive pricing terms.
WBH is Europe's largest tungsten processing company.
Ulrika Wedburg, president of WBH, said: "We are pleased to see the development of another tungsten deposit in Europe and are looking forward to adding the production of the La Parrilla Mine to our supply portfolio."
The agreement will cover the initial T2 development of the mine and account for approximately 80% of the planned production tonnage from this phase.
Michael Masterman, chairman of W Resources said: "We are delighted to have executed two long term offtake agreements, where tungsten product will be delivered directly to the customers' state of the art, large capacity scheelite tungsten processing plants. The agreements provide W with assurance of a solid revenue stream once production commences in early 2019 as we now focus on the implementation of the mine development plan following the recent US$35 million funding from BlackRock."
The loan from BlackRock was secured last week and has been used to repay short term loans from Symmall Pty and Beronia Investments, as well as to fund the developments at La Parrilla.
W Resources plans to deliver the project within 12 months from the close of financing, with production to start in the first quarter of 2019.
As of 1001 GMT, W Resources' shares were up 5.70% at 0.60p.
Related share prices |
---|
W Resources (WRES) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price