LONDON (Alliance News) - W Resources PLC Friday said its pretax loss widened in 2014 despite reporting a maiden revenue, and said it has prioritised the La Parrilla and Régua mines which will be fast-tracked and ramped up until 2017.
The tungsten miner reported a pretax loss of GBP641,000 in 2014, wider than the GBP253,000 loss in 2013 despite the company generating its maiden revenue of GBP964,000 as its cost of sales outstripped revenue at GBP1.1 million.
Administrative expenses also rose to GBP353,000 from GBP255,000 and the company paid finance costs totalling GBP155,000 in 2014 compared with nil a year earlier.
"The four projects in the W portfolio, La Parrilla, Régua, Tarouca and CAA Portalegre have advanced significantly in 2014 and continued well in early 2015. As outlined in our strategic review we expect significant development progress towards production at the La Parrilla and Régua tungsten mines during 2015 and look forward to further exploration success at Tarouca and CAA Portalegre," said Chairman Michael Masterman.
The company's revenue came from the La Parrilla tailings process facility, which processed and shipped 103 tonnes of tungsten concentrate in the year.
At the start of 2015, the company started a strategic review of its projects and evaluated the most effective way to maximise the development of its projects. The results of this review were that the La Parrilla and Régua mines should be prioritised in order to fast track these mines into production in late 2016 and ramping up to full production in 2017, due to higher than expected feed grades.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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