News blog
W Resources
- BY: Andrew Hore |
- POSTED: 20/07/2016 |
W Resources is upping the pace of its move to stage 2 of the La Parrilla open pit tungsten mine.
Initial production is expected before the end of this year, while stage 2 will start in the middle of 2017 instead of 2018. Stage 1 will be funded by offtake contracts while stage 2 will require a joint venture or debt funding - Northland estimates £10.9m of debt could be raised this year and £4.1m next year.
Stage 2 is expected to lead to production of 2,500 tonnes of tungsten concentrate each year.
Stage 3, though, is likely to be later than anticipated and commence in 2020. Production will then double.
Drilling to the north and south could extend the life of the mine.
The full results of the optimisation study will be available later this year and it will provide more information on capital cost and operating expenses.
The share price was 0.01p lower at 0.39p.
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