LONDON (Alliance News) - W Resources PLC Thursday said its pretax losses narrowed slightly in its first-half as the company moves towards first production in Spain.
The Tungsten exploration and development company, with operations in Spain and Portugal, said its pretax losses narrowed to GBP132,000 from GBP146,000 for the six months ended June 30.
The company is yet to make any revenues and said the savings were made in its administrative expenses which fell to GBP132,000 from GBP146,000.
W Resources completed four capital placements during the period totalling GBP3.3 million to finance the construction of processing facilities at the La Parrilla site in Spain and to move forward towards a first production in December.
The company believes the La Parrilla Tailings Deposit will produce 28,000 metric tonne units of tungsten trioxide and 28 tonnes of tin, which should provide an annual revenue of more than EUR7 million.
Tungsten tailings are ground rock and process waste generated in a mine processing plant, the physical and chemical characteristics of the slurry which is recovered and the methods of handling and storage are controversial.
W Resources shares were down 4.39% to 1.09 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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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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