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W Resources Pleased With Progress Being Made At La Parrilla Mine

Thu, 13th Sep 2018 11:01

LONDON (Alliance News) - Miner W Resources PLC said Thursday expenditure at the La Parrilla mine is coming in under budget after a "great few months" at the site.

La Parrilla, a tungsten and tin mine, is located in the Extremadura region in south-western Spain, around 310 kilometres south-west of Madrid.

W Resources said construction has accelerated during the summer, and it is on track to finish the crusher and the jig & mill for the last quarter of 2018, with the concentrator to be completed early 2019.

The company has secured all major contracts, finished all civil works, and it expects overall capital expenditure at the mine to be below the EUR27.1 million budgeted.

Chairman Michael Masterman said: "We have had a great few months on site at La Parrilla where we are currently on schedule and below capital budget. Tungsten and tin prices along with the US dollar to euro foreign exchange rate are tracking well above the financial investment decision parameters.

"The development team has made great strides during the long hot Spanish summer and construction is set to accelerate over the next six months. Completion of the crusher and jig & mill in 2018 sets La Parrilla up for a well-executed commissioning and ramp-up ahead of construction completion of the concentrator in the first quarter of 2019."

Shares in the company were down 1.2% on Thursday morning at 0.43 pence each.

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25 May 2022 15:42

IN BRIEF: W Resources shares to be cancelled from AIM on Thursday

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Confirms shares will be cancelled from trading on the AIM market in London, effective from Thursday morning. Back in April, W Resources had cited the "unprecedented difficult financial and operating circumstances in which the company finds itself" due to the rise in energy prices. On Wednesday, the company refers to "extremely high liquid natural gas prices that placed an excessive cost burden on the La Parrilla mine in Spain with the further impact of the ongoing truck drivers dispute which caused a shortage of critical spare parts". Also in April, Grant Thornton UK LLP resigned as its nominated adviser and Alternative Resource Capital and Shard Capital as brokers.

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IN BRIEF: W Resources to delist from AIM in May as energy costs bite

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Plans to delist shares from trading on AIM market in London, effective from around May 24. Cites the "unprecedented difficult financial and operating circumstances in which the company finds itself" due to the recent rise in energy prices. Shares have been suspended from trading since the start of April, and W Resources says on Monday that Grant Thornton UK LLP has resigned as its nominated adviser and Alternative Resource Capital and Shard Capital as its brokers.

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5 Apr 2022 14:24

IN BRIEF: W Resources suspends shares due to cashflow uncertainty

W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Suspends its shares from trading on the Alternative Investment Market. This follows the firm suspending its production at La Parilla mine in northwestern Spain due to parts shortages and cashflows uncertainty.

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W Resources restarts La Parrilla after extended shutdown

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IN BRIEF: W Resources eyes fundraise early next week

W Resources PLC - tungsten, tin and gold mining and exploring company in Spain and Portugal - Says discussions regarding fundraise, which is expected to be in the form of debt, are at a "very advanced stage" and expects to complete the fund raise early next week.

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15 Feb 2022 14:44

IN BRIEF: W Resources shares down by a third as fundraise on horizon

W Resources PLC - tungsten, tin and gold mining and exploring company in Spain and Portugal - Says fourth quarter production at its La Parrilla mine of tungsten concentrate dropped 47% to 89.7 tonnes from 168.3 tonnes in the prior quarter, with the recovery rate dropping quarter-on-quarter to 31% from 58%. Says production was hit by limited access to medium and higher-grade ore caused by a two-week delay in blasting, as well as delays caused by heavy rainfall into the pit. Heavy rain also constrained crushed ore operations, but stockpile will resolve the issue.

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IN BRIEF: W Resources raises GBP830,000 amid lowered output guidance

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W Resources reports tough Q4, raises £0.83m to cover cash flow

(Sharecast News) - Spain and Portugal-focussed tungsten, tin and gold exploration and mining company W Resources updated the market on production at the La Parrilla tungsten and tin mine in Spain on Thursday, as it completed a £0.83m fundraise to relieve recent pressures on cash flow.

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