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.