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W Resources Loss Narrows; Progressing La Parilla Mining Project

Tue, 30th Sep 2014 14:10

LONDON (Alliance News) - W Resources PLC Tuesday said its pretax loss narrowed in the first-half, in line with its costs as it posted no revenue for the period.

W Resources said its pretax loss narrowed to GBP119,000, from GBP132,000 a year earlier, in line with the fall in its costs in the period.

Post the period-end, the company said it made its first shipment of tungsten concentrate, and received proceeds from the sale in August. In addition, it said production at the La Parrilla Tailings plant has increased and is on track to meet its production target of 25 tonnes per month in October.

The company has started mine definition work at the La Parrilla asset, with work started on the main 2,300 tonne per year tungsten mine development.

W Resources shares were down 1.3% to 0.755 pence on Tuesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance