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W Resources hoping to have ink dry on La Parilla US$30mln financing by year-end

Michael Masterman, chairman of W Resources PLC (LON:WRES), chats to Proactive's Andrew Scott following the announcement this week they've received preliminary approval for a US$30mln term loan with a US special situations fund to finance the La Parrilla tungsten/tin mine in Spain.

The fund’s investment committee has agreed the term loan with financial close targeted for late December 2017 or January 2018.

The plan in the first phase is to produce 2,700 tonnes of tungsten concentrate a year from mining 2mln tonnes of ore, with mine production to be expanded to 3.5mtpa/4,000 tonnes of concentrate in the second phase.

 
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