7 Aug 2017 07:00
7 August 2017
W Resources Plc
("W" or the "Company")
Crusher Contract Awarded to Metso
W Resources Plc (AIM:WRES), the tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, has awarded the crusher plant contract for its La Parrilla Project in Spain to Metso Minerals Portugal, Lda ("Metso"), a subsidiary of Metso Corporation for EUR1.2m.
The crusher is a critical component of the La Parrilla infrastructure as part of the expansion to 2 million tonnes per annum ("mtpa") of ROM which will be able to provide 2,500 - 2,700 tonnes per annum of tungsten concentrate.
Metso is one of the world's leading suppliers of crusher equipment and W is pleased to award the contract following a highly competitive bidding process. The crusher will be built in France and delivered to site within 24 weeks, well within the scheduled development time.
The crushing circuit design will minimise the production of tungsten fines which are harder to recover than more coarse material. It is designed to a high level of automation and process control to ensure tight product specifications and to be able to quickly expand from 2 mtpa to 3.5 mtpa. This upgrade can be completed within a 90 hour shut down, with the addition of two further cone crushers and the incorporation of a X-Ray ore sorting circuit allowing W to expand its capacity with little operational disruption.
Michael Masterman, Chairman of W Resources commented: "It is great to have agreed the crusher contract award with Metso, a world leading supplier based in Europe. We appreciate it has taken a little bit longer than anticipated, but this is often the unpredictable nature of contract negotiations. Importantly we believe the results in terms of design, quality, price and delivery time will speak for themselves.
"Tungsten prices have increased nearly 25% over the last 12 months with momentum building over the last month which is timely for the development of La Parrilla. Debt financing continues to advance with planned debt financing completion in the second half of 2017 (RNS 14 June 2017)."
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About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity. Tungsten and Tin prices have increased significantly over the last 12 months and Tungsten is in the EUs top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004.
For more information on Metso Corporation please visit: www.metso.com