WRES.L Share News (WRES)

LONDON (Alliance News) - W Resources PLC said on Wednesday its wholly-owned subsidiary, Iberian Resources Spain SL, has been awarded a grant of EUR5.3 million by the Junta de Extremadura Government for the La Parrilla tungsten and tin project in Spain.

The grant funds equate to 32% - at the upper-end range - of the EUR16.6 million plant and facilities package that qualified for grant contribution.

The grant will be paid by the Junta de Extremadura Government to IRS once the fulfilment of all conditions - including the completion of the plant and facilities and meeting the target employment levels - as outlined in the application have been verified in an audit. The conditions of the grant need to be fulfilled by March 14, 2020.

"The provision of a grant for such a large proportion of our La Parrilla mine development is very positive and contributes further to our strong funding position. Importantly, the award of the grant funds strongly align the Junta de Extremadura Government with the success of the La Parrilla project and we are very appreciative of their support," said W Resources Chairman Michael Masterman.

Shares in the company were down 0.9% at 0.55 pence on Wednesday.