It’s not the big news that all investors have been waiting for but it’s certainly another piece in the jigsaw slotted into place. In theory, prior to funding, you really need to prove to potential funders that you have the team and infrastructure in place to make the project happen. You need to agree contracts and pin partners/suppliers down. Secure commitments. With today’s news all major plant components are now in place. Which puts the ball firmly back in the financiers court. Assuming all is on track and due diligence is going well, it might not be too long now before W Resources deliver the Funding RNS that all shareholders are waiting for. In today’s ‘mining friendly’ environment, the commercial argument is compelling for Tungsten. That said, getting $30m in finance is no small feat for a small cap miner so risks still remain.
10 January 2018
W Resources Plc
Concentrator Contract awarded to allmineral
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, has awarded the design and construct contract for the La Parrilla Concentrator to allmineral Aufbereitungstechnik GmbH & Co. KG of Germany (“allmineral”) at a contract price of c€8 million.
The Concentrator is the third core component of the La Parrilla plant infrastructure, following the contract awards for the Crusher and Jig & Mill last year, and provides the final stage of beneficiation in the process to produce a 66% tungsten concentrate and 62% tin final concentrate. The robust design put forward by allmineral targets maximum separation efficiency throughout and actively collects the fines generated from various processing stages to be reprocessed in a dedicated scavenging circuit. The layout considers the potential requirement for incremental capacity additions as well as the possibility of an ultrafine falcon circuit addition to maximise recoveries in the future.
Michael Masterman, Chairman of W Resources commented: “The award of the Concentrator to allmineral is a significant milestone and a core part of the development and financing programme for La Parrilla. All major plant components are now contracted and aligned with the US$30 million term loan financing. Germany’s allmineral is responsible on a fixed schedule and price contract for delivery of the both the Jig & Mill and Concentrator providing important integration benefits in project delivery.”