W Resources PLC - tungsten, tin and gold miner in Spain and Portugal - Reports tungsten output in the three months period ended March 31 was down 27% to 64 dry metric tonnes from 100 dry metric tonnes year-on-year. Tin production in the period was down 13% to 29 dry metric tonnes from 33 dry metric tonnes a year prior. Says this is partly due to unseasonal heavy rain, which caused high water levels and halted production for a week.
"The first quarter of 2021 started strongly with high production numbers for January. The initial scheduled four-week closure for plant improvements was reduced to two weeks and recovery rates improved. Due to high water constraints, we did not have access to high grade ore areas and the ore that we used was of lower grade, less fresh and with high levels of ultrafines through much of March. This has clearly impacted production, such that whilst production picked up towards the end of March, we did not achieve the record production we were anticipating for the quarter," says Chair Michael Masterman.
Current stock price: 8.51 pence, down 17% on Wednesday
Year-to-date change: down 31%
By Zoe Wickens; zoewickens@alliancenews.com
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