Tungsten West loss widens as Hemerdon restart costs surge

(Alliance News) - Tungsten West PLC on Wednesday reported a widened interim loss as the company focused on restarting production at Hemerdon, with project funding completion targeted for the first quarter of 2026.

Tungsten West is a London-based miner and owner of the past-producing Hemerdon tungsten and tin mine in Devon, England.

Pretax loss widened to GBP40.4 million for the six months ended September 30 from GBP13.9 million a year ago, due to surging finance costs.

Net finance costs multiplied to GBP36.6 million from GBP8.5 million.

The company made no revenue, the same as the year before, as it remains in the pre-production phase of operations.

Tungsten West said it has made "good progress" on Hemerdon funding since period end, and expects project financing to be completed in the first quarter of 2026.

Looking ahead, Chief Financial Officer Phil Povey said: "The board remains positive for the long-term prospects for the Hemerdon mine. Commodity markets are strong, and the board is committed to delivering the project and recommencing operations."

Shares in Tungsten West were flat at 10.90 pence on Wednesday morning in London.

By Roya Shahidi, Alliance News reporter

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