LONDON (Alliance News) - Tungsten, copper and gold explorer W Resources PLC on Friday said work on its mines in Spain and Portugal is progressing as it posted a slightly narrowed annual loss for 2015.
The company said it made a pretax loss of GBP606,000 for 2015, slightly narrowed on the GBP641,000 loss made a year earlier. Revenue dropped to GBP82,000 from GBP964,000, but the group's costs were brought down in line with the fall. In 2014, W Resources had generated the much higher revenue from the La Parrilla tailings process facility, which processed and shipped 103 tonnes of tungsten concentrate in the year.
W Resources said encouraging progress was made over the course of 2015 on its La Parilla tungsten mine in Spain and its Regua project in Portugal.
The company said La Parrilla is progressing, and it expects the plan to be finalised by mid-2016. In parallel, the group is in talks on financing the mine and has been encouraged by initial responses from potential financiers.
For Regua, the metallurgical results from the mine have been good, and the group is set to start work on the definition development study.
"2015 has been a productive year for W, with advances made in Spain and Portugal. I am delighted with the progress made to date and achieving major milestones with the resource upgrades on both projects significantly increasing the prospectivity of these flagship projects," said Chairman Michael Masterman.
Shares in W Resources were down 2.2% to 0.45 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
