Well tried, BRB, but the truth is nobody seems to know anything about "International Tungsten Services"! It seems that they must be some way along they line since they are producing the stuff from surface workings. This suggests they bought into an old operation which became uneconomical when China flooded the market with tungsten. Now that the Chinese supply is restricted, the price of tungsten has risen and the mine is potentially economical again. They seem to be in a similar position to WRES (La Parilla mine in Spain), though that is a surface operation while ITS has a (more costly) underground mine. If you want to get a feel for the situation with regard to tungsten exploration and mining in Korea, you could skip through the "projects" section on Woulfe mining's website. Hopefully, someone will most something interesting about ITS soon. atb
Not sure how they can describe it as "the successful demerger of Leyshon Energy Limited in January 2014" but this may now become a good Tungsten play. ORM, WRES, PREM and WLFE all developing tungsten assets. Think we'll be waiting until the New Year unless they have downplayed financing negotiations.
Hi Cookie. Yes, looks interesting. I suppose what ITS is looking for is a listing on the London stock exchange, i.e a RTO as mentioned in the RNS. Presumably there will be an issue of equity to raise the US$13 m once we are readmitted. Tungsten is a strategic metal so there is every incentive for far eastern countries to maintain a modicum of independance from the traditional supplier (China). Good to note that ITS is already producing. There could be a lot of positives here, but probably quite a long wait (mind you, Koreans are not known for dragging their feet!)
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