LONDON (Alliance News) - W Resources PLC Thursday said its pretax loss narrowed in 2013 as charges and expenses fell at the company in its development towards first tungsten production.
The tungsten and gold exploration and development company, with assets in Spain and Portugal, said its pretax loss narrowed to GBP253,000 from GBP405,000 the previous year.
The company, which is yet to produce any revenues, said its improved figures were down to lower administrative expenses and a GBP111,000 impairment charge the company took on during 2012.
The company has been moving towards production from its La Parrilla Mine, where its JORC inferred resource increased by 30% to 46.9 million tonnes of ore at 0.09% tungsten trioxide during the period and construction was completed for its Tailings processing facility at the site in the first quarter 2014.
"2013 was a transformative year for W Resources, putting us in the strong position to start 2014 with our first tungsten production in Q2," Chairman Michael Masterman said in a statement.
W Resources shares were down 2.1% to 0.837 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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