LONDON (Alliance News) - W Resources PLC Monday said the first shipment of tungsten concentrate from the La Parrilla tailings project in Spain was dispatched last week, with the first sales revenue received on Friday August 8.
Production at La Parrilla doubled from June to July, with 17 tonnes of concentrate produced in July. The group said a steady ramp up will be undertaken in the next three months, with improvements to be made to the water supply and control systems and a target of achieving optimum capacity at the site in October 2014.
"It's a great milestone to ship our first load of tungsten concentrate to one of Europe's leading tungsten processors and receive first revenue," said W Resources Chairman Michael Masterman.
"We plan a second European shipment in August with the product receiving good market acceptance and pricing," Masterman added.
W Resources shares were up 3.3% to 0.811 pence Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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