“As we look ahead, the management team s clear priority is to increase production at La Parrilla as we move to a 24/7 operation," Michael Masterman said.
17 May 2021 | 07:59am
StockMarketWire.com - Tungsten miner W Resources said it would raise £2.5 million from a share issue to lower the water level at its La Parrilla mine in Spain and regain access to higher-grade ore.
New shares in the company were offered at 8p each, with £2.26 million raise from new and existing investors.
Chairman Michael Masterman had committed to personally investing an additional £0.25 million. The majority of the funds raised from the Placing will be used to achieve the permanent solution to high water levels thereby giving access to higher-grade ore and significantly increasing tungsten and tin production at the La Parrilla mine as well as providing additional working capital to cover the ramp-up in production, the company said.
Tungsten recovery rates continue to improve and were around 50% during April, it said.
Funds from the placing will also provide additional working capital to cover the ramp-up in production at La Parrilla.
The AIM-quoted company raised £2.26mln before expenses through a placement of 28.3mln shares at 8p per share, a 13.5% discount to Friday’s closing price.
Its chairman Michael Masterman also intends to participate and invest £250,000 on the same terms as the placing, once the company has published its accounts for 2020 and is no longer in a closed period, increasing the fundraising to around £2.5mln. W Resources plans to publish its accounts in the coming weeks.
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Greatland Gold PLC (LON:GGP) has commenced drilling under the Juri joint venture with partner Newcrest Mining Ltd (ASX:NCM). The Juri joint venture is in the highly prospective Paterson province of Western Australia.
Rio Tinto PLC (LON:RIO) said production in the first quarter was in line with guidance despite significant rainfall hampering iron ore output in Australia. The international mining group also retained its output expectations for the year and continued to show contrition for the destruction of a 46,000-year-old Aboriginal heritage site in Juukan Gorge.
14 April 2021 | 09:36am
StockMarketWire.com - Tungsten and tin miner W Resources said quarterly output from its flaghsip La Parrilla mine in Spain had dropped 35%.
Production from the mine had fallen to 55.5 dry metric tons in the three months through March, down from 85.8 dry metric tones in the three months through December.
During the March quarter, the plant operated mostly on a five-day week for t10 of the 13 weeks in the period.
The company plans to return to a seven-day working week in the fourth quarter of 2021. The plant was closed for two weeks for planned improvement maintenance, however unseasonal heavy rain caused high water levels which halted production, resulting in the plant being closed for a total of three weeks, W Resources said.