(Alliance News) - W Resources PLC on Monday said it intends to apply for a EUR5.3 million grant from a Spanish regional government after completing plant construction at the La Parrilla tin and tungsten project.
W Resources said it has completed two major conditions needed to apply for the funding from the government of Extremadura, western Spain.
The first condition required a minimum investment in the plant and equipment of EUR16.6 million and the second was to create at least 20 full-time positions at the project.
In May, W Resources received a EUR3 million loan advance from local bank Caja Rural de Extremadura that provided an advance of funding against the EUR5.3 million grant.
The company will publish its interim results on September 30.
Shares in W Resources were 2.6% higher at 0.40 pence each in London on Monday afternoon.