Proactiveinvestors United Kingdom Wolf Minerals Limited https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Wolf Minerals Limited RSS feed en Thu, 20 Jun 2019 10:06:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Demise of Wolf Minerals Ltd 'a blow for UK mining' - Alastair Ford ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10836/demise-of-wolf-minerals-ltd-a-blow-for-uk-mining-alastair-ford-10836.html Fri, 12 Oct 2018 11:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10836/demise-of-wolf-minerals-ltd-a-blow-for-uk-mining-alastair-ford-10836.html <![CDATA[News - Silver bullet for Wolf, as tungsten prices and debt burden combine to bring in administrators ]]> https://www.proactiveinvestors.co.uk/companies/news/206795/silver-bullet-for-wolf-as-tungsten-prices-and-debt-burden-combine-to-bring-in-administrators-206795.html Wed, 10 Oct 2018 14:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206795/silver-bullet-for-wolf-as-tungsten-prices-and-debt-burden-combine-to-bring-in-administrators-206795.html <![CDATA[News - Wolf Minerals ceases trading in London after UK subsidiary enters voluntary administration ]]> https://www.proactiveinvestors.co.uk/companies/news/206786/wolf-minerals-ceases-trading-in-london-after-uk-subsidiary-enters-voluntary-administration-206786.html Wolf Minerals Limited (LON:WLF) said its UK subsidiary has entered voluntary administration after failing to reach an agreement with financial stakeholders to secure the funds needed to continue operations at its Drakelands tungsten mine in Devon.

The company said it was unable to “satisfactorily conclude its discussions with its key financial stakeholders and therefore is not in a position to meet its short term working capital requirements” for the open pit mine.

READ: Talks on funding ongoing, says Wolf Minerals

The wholly-owned UK subsidiary, Wolf Minerals (UK) Limited, has ceased trading on London's junior market AIM effective immediately. The group's shares remain suspended from trading on the Australian Stock Exchange.  

"The board of the company has resolved that Martin Jones and Ryan Eagle of Ferrier Hodgson be appointed as voluntary administrators of the company," Wolf Minerals said. 

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Wed, 10 Oct 2018 13:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206786/wolf-minerals-ceases-trading-in-london-after-uk-subsidiary-enters-voluntary-administration-206786.html
<![CDATA[News - Talks on funding ongoing, says Wolf Minerals ]]> https://www.proactiveinvestors.co.uk/companies/news/206657/talks-on-funding-ongoing-says-wolf-minerals-206657.html Wolf Minerals LTD (ASX:WLF)(LON:WLFE) is continuing discussions with what it calls its “key financial stakeholders” and expects to conclude those discussions this week.

The aim is to provide a longer-term funding solution ahead of the expiry of a standstill period on its existing debt, due on 28 October 2018.

READ: Turnaround plan at Wolf Minerals proceeding apace

However, Wolf also cautioned that should it not be able successfully to conclude its discussions with its stakeholders within the next two days, it will not be in a position to meet its short-term working capital requirements after that point in time.

Wolf’s shares remain suspended from trading on ASX, pending the release of annual financial statements. 

 

 

 

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Tue, 09 Oct 2018 09:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206657/talks-on-funding-ongoing-says-wolf-minerals-206657.html
<![CDATA[News - Wolf Minerals says funding talks ongoing as production reliability improves ]]> https://www.proactiveinvestors.co.uk/companies/news/205835/wolf-minerals-says-funding-talks-ongoing-as-production-reliability-improves-205835.html Wolf Minerals Limited (LON:WLFE) said it was still working on securing long-term financing and had made good progress on its production reliability in recent months.

The producer of speciality metals also said it had deferred the publication of its annual results statement as further progress was required to finalise their audit.

READ: Wolf Minerals recovers operating strength following March freeze as it seeks new funds

The tungsten specialist now has until the end of 2018 to issue its annual report.

Wolf said work was also currently underway on longer-term funding solutions to provide the company with capital to progress its future enhancement initiatives to optimise production. It added that it would keep the market abreast of any future developments.

The company also said it had made significant advances in the reliability of its production and profile.

Shares in Wolf were 14.6% down at 1.75p in early trade.

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Thu, 27 Sep 2018 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205835/wolf-minerals-says-funding-talks-ongoing-as-production-reliability-improves-205835.html
<![CDATA[News - Wolf executes debt restructuring deal ]]> https://www.proactiveinvestors.co.uk/companies/news/202822/wolf-executes-debt-restructuring-deal-202822.html Wolf Minerals LTD (LON:WLFE) has executed its previously announced debt restructuring deal which involves the deferred payment of principal, interest and other amounts due at the end of July 2018.

To underpin this, the company has received guarantor consent from the German government’s United Loan Guarantee Scheme.

READ: Wolf Minerals extends bridging facility

In addition, Wolf has received the first £2mln instalment of a new £4mln bridge facility, as well as an initial amount from a fund that was previously allocated to tackle noise and vibration.

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Tue, 14 Aug 2018 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202822/wolf-executes-debt-restructuring-deal-202822.html
<![CDATA[News - Wolf Minerals extends bridging facility ]]> https://www.proactiveinvestors.co.uk/companies/news/201808/wolf-minerals-extends-bridging-facility-201808.html Wolf Minerals LTD (ASX:WLF)(LON:WLFE) has extended its existing bridge facility from £65mln to £69mln, with £2m of the new money available immediately.

The move comes as Wolf considers a more strategic long-term restructuring of debt incurred for the construction of the Drakelands tungsten mine in Devon.

READ: Turnarou nd plan at Wolf Minerals proceeding apace

Wolf has also agreed on a standstill with senior lenders regarding outstanding fees and matters of default, and the deferral of senior debt principal and interest repayments totalling approximately £2.1mln, until 28 October 2018.

These financing arrangements expected to be sufficient to support Wolf's short-term working capital requirements until 28 October 2018, during which time the company will undertake a strategic review of its funding arrangements.

"As we drive further operating improvements towards self-sustaining cash flows and convert value-adding opportunities, such as ore pre-processing, these financing arrangements provide additional flexibility to prepare for our future as a significant contributor in the tungsten market,” said Wolf's managing director, Richard Lucas.

“The support we receive from each of our key project stakeholders is fundamental to the long-term success of Wolf and we recognise their shared vision of a secure, long-term source of tungsten in the UK."

Wolf had A$19.8mln (£11mln) total cash at 30 June 2018, of which A$17mln (£9.5mln) was restricted for use on the noise and vibration management plan.

As a result of the funding arrangements described above, the Company expects to have sufficient working capital for the period to 28 October 2018.

 

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Mon, 30 Jul 2018 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201808/wolf-minerals-extends-bridging-facility-201808.html
<![CDATA[News - Wolf Minerals recovers operating strength following March freeze as it seeks new funds ]]> https://www.proactiveinvestors.co.uk/companies/news/201030/wolf-minerals-recovers-operating-strength-following-march-freeze-as-it-seeks-new-funds-201030.html Wolf Minerals Limited (LON:WLFE, ASX:WLF) has reported improvements in its operating strength at its Drakelands mine in Devon following the March cold snap as it sought new funds from investors.

In a production update for the three months ended 30 June 2018, the AIM-listed miner said tungsten and tin production were up 41% and 67% respectively over the last 12 months with record throughput in June while a pre-processing trail to upgrade ore feed to over 1% WO3 (tungsten trioxide) had been successful and an operating plan was being accelerated.

READ: Wolf Minerals' production disrupted by March cold snap

The company also highlighted that tungsten prices had risen by 6% during the quarter to US$347 per metric tonne unit (mtu), its highest level since 2014.

Wolf added that it was also seeking around A$7.1mln in additional funding from financial stakeholders in order to support short term cash flows as it progressed its transformation activities in the September quarter, with the first stage of discussions expected to conclude and reach agreement shortly so that the first tranche of funding of around £2mln was received before the end of July.

Richard Lucas, Wolf Minerals’ managing director, said the additional volumes recovered in the period had “provided a more stable operating environment which has driven tungsten recovery and product quality improvements”.

He added that the positive ore pre-processing trial results had “encouraged the company to accelerate an operating plan to enhance tungsten recovery and improve operating cashflows” while the tungsten market remained strong.

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Wed, 18 Jul 2018 08:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201030/wolf-minerals-recovers-operating-strength-following-march-freeze-as-it-seeks-new-funds-201030.html
<![CDATA[News - Wolf Minerals' production disrupted by March cold snap ]]> https://www.proactiveinvestors.co.uk/companies/news/196031/wolf-minerals-production-disrupted-by-march-cold-snap-196031.html Wolf Minerals PLC's (LON:WLFE) recovery was interrupted in March by the Beast from the East, which disrupted operations at the Hemerdon tungsten mine in Devon.

The exceptionally cold weather restricted road access and generated potential safety risks, hampering work at the mine.

READ: Turnaround plan at Wolf Minerals proceeding apace

Production dropped to 34,602 metric units of tungsten (43,500 mtu in the previous three months) even though throughput rose as the processing plant returned to seven-day working.

Tungsten prices continued to rise with the average US$325mtu during the quarter, up 13%.  

Richard Lucas, managing director, said that it had been an encouraging start to 2018 before the weather intervened.

Improvements to the gravity fines circuit and the return to 7 days a week operations had boosted throughput while the ore feed continued to get harder.

The sludgy nature of the feed has been one of Wolf’s major problems since commissioning.

Wolf Minerals is being heavily supported by its major shareholder RCF with talks underway for an additional £5mln of bridge financing.

So far, RCF has provided £65mln of subordinated loans.

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Mon, 30 Apr 2018 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196031/wolf-minerals-production-disrupted-by-march-cold-snap-196031.html
<![CDATA[News - Wolf Minerals settles dispute with GR Engineering over Hemerdon contract ]]> https://www.proactiveinvestors.co.uk/companies/news/195460/wolf-minerals-settles-dispute-with-gr-engineering-over-hemerdon-contract-195460.html Wolf Minerals Ltd (LON:WLFE) said it has settled a dispute with GR Engineering over a contract for the Hemerdon tungsten and tin project.

GR Engineering secured a contract with Wolf Minerals in 2013 for the engineering, procurement and construction of the Hemerdon project in Devon, south England.

Wolf had claimed that GR Engineering failed to fix an issue with noise emissions and vibrations at the project that led the company to voluntarily shut down operations on weekends to maintain relationships with local communities.

In a statement on Thursday, Wolf said it has entered into a settlement agreement with GR Engineering to “fully and finally settle all claims in relation to the contract, without admission of liability by either party”.

GR Engineering has agreed to pay an undisclosed settlement to Wolf to fund the expected cost of the noise and vibration issue.

READ: Wolf Minerals reveals improved production and sales in interim report

Wolf said once it receives the settlement, it will return all security it holds under or in connection with the contract, including a £7.5mln performance bond.

“The settlement is not expected to provide any change in the company's operating performance or cashflows,” the group said. 

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Fri, 20 Apr 2018 09:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195460/wolf-minerals-settles-dispute-with-gr-engineering-over-hemerdon-contract-195460.html
<![CDATA[News - Turnaround plan at Wolf Minerals proceeding apace ]]> https://www.proactiveinvestors.co.uk/companies/news/195245/turnaround-plan-at-wolf-minerals-proceeding-apace-195245.html Wolf Minerals Ltd (LON:WLFE) operates one of the world’s major tungsten mines at Drakelands in the southwest of England.

Drakelands has one of the Western world's largest tungsten and tin resources, a total of 145.2mln tonnes of ore grading 0.15% tungsten trioxide (WO3) and 0.02% tin at the last count.

The tungsten produced by Wolf is critical to a range of industrial, mining and agricultural applications. Key uses are in cemented carbides, steel alloys, metal products, lighting, drill bits and jewellery.

Production now increasing

Production in the three months to December 2017 rose by 23% against the previous quarter, to 43,498 metric tonne units of tungsten. That represented the third successive quarterly increase in production, and took place against the background of a steadily improving tungsten price. Sales increased by an even more impressive 36%. Meanwhile, tin production has also been rising over the past couple of quarters.

New managing director

The turnaround has taken place under the watch of new managing director Richard Lucas, who was confirmed in the role in March 2018, after a successful stint as interim chief executive. Under his watch, a comprehensive operating turnaround plan has been implemented.

In addition, Lucas has been effective in securing funding for ongoing operations and organic growth.

He has also developed strong local partnerships to support long-term sustainability and enjoys the support of the board of directors.

Wolf’s chairman, John Hopkins said that “the Board is delighted with the progress of Richard and his team over the last 12 months. We have the upmost confidence in Richard’s leadership and look forward to his future contribution to the growth and the advancement of the Company.”

New financing arrangements in place

Wolf’s finances have long been underpinned by the support of cornerstone investor RCF, a major source of funds to the mining sector.

Early in 2018, Wolf extended its existing bridge facility from £55mln to £65mln. The company also negotiated an extension to the standstill period, and a cut to senior debt principal repayments for the next three quarters.

The idea is that the extended terms will support Wolf in achieving long term self-sustaining cash flows, supported by the already demonstrable improvements in the operating performance at Drakelands.

Resource Capital Fund VI (RCF VI) is providing the additional £10mln as a secured subordinated loan under the existing bridge loan facility, with the potential for this to be increased to £15mln.

Chief executive upbeat about future after a difficult few years

“We anticipate 2018 being a transformative year for Wolf, where it reaches design performance and pursues further opportunities to build shareholder value,” said chief executive Richard Lucas.

“These financing arrangements provide a platform to achieve those goals. The operational ramp up at Drakelands is progressing towards completion and, with strong tungsten market conditions, should deliver long term self-sustaining cash flows. We recognise the significant contribution from each of our key project stakeholders to date in supporting these achievements and sharing Wolf’s vision of a world class tungsten and tin operation in the UK.”

Broker calls progress hard-won, but cites improving tungsten price as supportive

SP Angel agrees with Lucas’s assessment. “The improvements at Drakelands are being hard won and the company is fortunate to have both the supports of its principal investor,  RCF and an improving tungsten price as it works through the necessary improvements, though we believe there is still some way to go to get the operation onto a sustainable operational and financial footing,” the broker said.

 

 

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Wed, 18 Apr 2018 09:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195245/turnaround-plan-at-wolf-minerals-proceeding-apace-195245.html
<![CDATA[News - Wolf Minerals reveals improved production and sales in interim report ]]> https://www.proactiveinvestors.co.uk/companies/news/192753/wolf-minerals-reveals-improved-production-and-sales-in-interim-report-192753.html Wolf Minerals (LON:WLFE) reported interim results revealing narrower losses, thanks in part to higher revenues generated by its tungsten mine in Devon.

Revenue improved to £23.12mln for the period, up from £10.93 in the same period in 2016, though cost of sales rose to £42.72mln from £39.27mln.

READ: Wolf Minerals sees turning point as lenders provide more support

In the period, the company’s processing plant treated 959,958 tonnes of ore to produce 79,099 tonnes of tungsten. Production and sales were up 36% and 37% respectively compared to the previous period, Wolf noted.

Operationally, the focus is on the mine turnaround plan – and specifically, on improving ore feed blending for the processing plant. Additionally, the completion of a Stage 3.1 construction project for the mining waste facility is also a priority.

Wolf reported a total comprehensive loss of £29.16mln for the six months, compared to £50.64mln in the same period in the preceding year.

 

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Wed, 07 Mar 2018 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192753/wolf-minerals-reveals-improved-production-and-sales-in-interim-report-192753.html
<![CDATA[News - Wolf Minerals sees turning point as lenders provide more support ]]> https://www.proactiveinvestors.co.uk/companies/news/192413/wolf-minerals-sees-turning-point-as-lenders-provide-more-support-192413.html Devon-based tungsten and tin miner Wolf Minerals Limited (LON:WLFE) has topped up its bridge loan facility with major shareholder Resource Capital and restructured its other Senior debts.

Wolf has been reliant on funding from Resource Capital to keep going while it sorted out teething problems at the new Drakelands mine near Plymouth, but this improvement programme is now nearly done said Richard Lucas, interim managing director.  

READ: Wolf Minerals boosts production and sales of tungsten concentrate from Drakelands

“We anticipate 2018 being a transformative year for Wolf, where it reaches design performance and pursues further opportunities to build shareholder value.

“These financing arrangements provide a platform to achieve those goals.

“The operational ramp up at Drakelands is progressing towards completion and, with strong tungsten market conditions, should deliver long-term self-sustaining cash flows.”

Resource Capital is to increase its bridge loan by US$10mln to US$65mln, from US$55mln, with a further US$5mln available at the fund manager’s discretion.

Senior debt holders, meanwhile, have agreed a standstill period over the outstanding £64mln and re-jigged the repayment schedule.

Offtake partners Global Tungsten & Powders and Wolfram Bergbau und Hütten will also align with the extended senior debt standstill period.

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Thu, 01 Mar 2018 08:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192413/wolf-minerals-sees-turning-point-as-lenders-provide-more-support-192413.html
<![CDATA[News - Wolf Minerals boosts production and sales of tungsten concentrate from Drakelands ]]> https://www.proactiveinvestors.co.uk/companies/news/190806/wolf-minerals-boosts-production-and-sales-of-tungsten-concentrate-from-drakelands-190806.html Wolf Minerals Ltd (ASX: WLF)(LON: WLFE) has released a quarterly update on operations at its Drakelands tungsten mine in Devon, England.

During the period to end December 2017, tungsten concentrate production rose by 22%, while sales rose by 36% on the previous quarter.

READ: Wolf Minerals encouraged by tungsten price and plant improvements

This occurred against the backdrop of an improved tungsten price, now currently standing at US$315 per metric tonne unit (mtu).

The company has now implemented the majority of its plans to turn the operation around, and remains in negotiations with its creditors regarding payments that are due imminently.

Net cash used in operating activities for the quarter was A$8.5mln, including A$3.6mln spent on development, A$16.3mln on production and A$3.9mln on finance costs, with revenue of A$15.8mln.

The company had A$6.6mln cash at the end of the quarter, with further funding discussions in progress to support revenue, on a forecast gross cash outflow of A$27mlnfor the coming quarter.

Wolf currently  owes major shareholder RCF £55mln, and to date RCF has been very supportive.

READ: Wolf Minerals gets £10mln boost as working capital bridge facility increased

Wolf's interim managing director Richard Lucas characterised the results as: "another strong result for the third consecutive quarter as the improvements from the operating turnaround plan are being realised.”

He added: “The processing plant performance is benefiting from a more stable operating environment, allowing optimisation efforts to start building upon each other. We expect this to continue with further enhancements to our mine plan, the improvements from the gravity fines circuit and the return to 7 days operations.

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Tue, 30 Jan 2018 08:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190806/wolf-minerals-boosts-production-and-sales-of-tungsten-concentrate-from-drakelands-190806.html
<![CDATA[News - Wolf Minerals issues shares to non-executive directors ]]> https://www.proactiveinvestors.co.uk/companies/news/189286/wolf-minerals-issues-shares-to-non-executive-directors-189286.html Wolf Minerals (LON:WLFE) (ASX:WLF) has issued shares to its non-executive directors as part of their fees for the fourth quarter of 2017.

In a statement it said a total of 567,567 shares were issued at a price of A$0.0740 (equivalent to approximately 4p) per share.

John Hopkins was issued 162,162 shares, taking his holdings to 1,543,350 shares or 0.14% of the company while Ronnie Beevor was issued 81,081 shares, taking his holdings to 954,678 shares or 0.09%, Don Newport received 81,081 shares, taking his holdings to 604,678 shares or 0.06% and Nicholas Clarke was issued 81,081 shares, taking his holdings to 604,678 shares or 0.06%.

A further 81,081 shares each were issued to Resource Capital Funds Management Pty Ltd and TTI (NZ) Limited as of part the directors fees due to their respective board representatives, Chris Corbett and Michael Wolley.

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Wed, 27 Dec 2017 09:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/189286/wolf-minerals-issues-shares-to-non-executive-directors-189286.html
<![CDATA[News - Wolf Minerals encouraged by tungsten price and plant improvements ]]> https://www.proactiveinvestors.co.uk/companies/news/186467/wolf-minerals-encouraged-by-tungsten-price-and-plant-improvements-186467.html Wolf Minerals Limited (LON:WLFE) has enjoyed one its best quarters since production started at its Hemerdon tungsten mine in Devon.

The price of tungsten rose to a three-year high of over US$310 per metric tonne during the quarter to September, while concentrate production and sales rose by 15% to 35,601 mtu.

READ: Wolf Minerals gets £10mln boost as working capital bridge facility increased

Wolf has been dogged by teething problems at the plant since commissioning in 2015, which have included noise complaints from local residents close to the mine near Plymouth.

As a result, production has been cut back to weekdays only instead of seven days a week previously.

Improvements to processing plant and mine are ongoing, said Wolf, with the next stages to be an intermediate pit design to boost project cashflow and work on possible pre-processing opportunities to enhance the ore feed quality.

Wolf has relied on financial support from its major shareholder Resource Capital to tide it over. The fund manager recently increased Wolf's bridge loan facility to £55mln with the mine used as security.

Richard Lucas, interim managing director,  said: "The September quarter has been a very encouraging one.

“We are on track to address our remaining operational challenges and achieve a sustainable production platform.”

READ: Wolf Minerals working on reducing the tin din

Lucas added the miner was also committed to reducing low frequency noise from the mine, which will allow it to resume seven-day working.

“The tungsten price continued its remarkable run during the Quarter, reaching a three year high in September of US$310 per mtu in Europe before stabilising in October.

“There are positive indications for prices to remain supported at current levels, which is providing confidence for our future plans.”

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Tue, 31 Oct 2017 07:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/186467/wolf-minerals-encouraged-by-tungsten-price-and-plant-improvements-186467.html
<![CDATA[News - ASX allows Wolf to grant security over Hemerdon ]]> https://www.proactiveinvestors.co.uk/companies/news/186409/asx-allows-wolf-to-grant-security-over-hemerdon-186409.html Wolf Minerals (LON:WLFE)(ASX:WLF) has been granted permission by the Australian Securities Exchange to allot security over the Hemerdon tungsten mine in Devon in return for an increase in the bridge loan facility provided by major investor Resource Capital Funds.

RCF is increasing its support by a further £10mln to a total of £55mln in the bridging loan.

READ: Wolf Minerals gets £10mln boost to its short term working capital bridge facility increased

One condition of the ASX in granting the waiver was that Wolf detail plans for repayment of the funds, and accordingly Wolf has advised that the loans will be repaid or converted within the remaining three-year period, and that the security will be discharged at that time.

 

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Mon, 30 Oct 2017 08:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/186409/asx-allows-wolf-to-grant-security-over-hemerdon-186409.html
<![CDATA[News - Wolf Minerals gets £10mln boost as working capital bridge facility increased ]]> https://www.proactiveinvestors.co.uk/companies/news/186365/wolf-minerals-gets-10mln-boost-as-working-capital-bridge-facility-increased-186365.html Wolf Minerals Limited (LON:WLFE) (ASX:WLF) has received a £10mln boost to its short term working capital as it progresses towards long term self-sustaining operations at the Drakelands open pit mine in south-west England.

In a statement today the specialty metals producer announced that it has reached agreement with Resource Capital Fund VI LP (RCF VI) to increase its existing bridge facility to £55mln from £45mln.

READ: Wolf Minerals encouraged by rebound in tungsten price

As RCF V, Annex Fund and RCF VI currently hold in aggregate 609,704,057 Wolf shares, which equates to a relevant interest of approximately 56.1%, entering into the amended Bridge Facility is deemed to be a related party transaction under AIM Rules.

The AIM-listed firm also said it will continue to review its long term capital requirements as the operating turnaround plan progresses and further value adding opportunities and cost reduction initiatives are investigated.

Richard Lucas, Wolf’s interim managing director, said: "The operating turnaround plan is delivering improved processing plant performance and is also building knowledge and experience across the business.

“When combined with improving tungsten market conditions, this provides an exciting outlook for 2018.”

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Fri, 27 Oct 2017 16:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/186365/wolf-minerals-gets-10mln-boost-as-working-capital-bridge-facility-increased-186365.html
<![CDATA[News - Wolf Minerals encouraged by rebound in tungsten price ]]> https://www.proactiveinvestors.co.uk/companies/news/183229/wolf-minerals-encouraged-by-rebound-in-tungsten-price-183229.html Wolf Minerals Limited (LON:WLFE ASX:WLF) has reported a double boost from improvements in both its operating performance and the price of tungsten.

The Plymouth-based miner has received a further £5mln in bridging finance from Resource Capital, making £45mln in total it has received from its major shareholder, but added plans to turn round its performance are starting to bear fruit.

READ: Wolf Minerals working on reducing the tin din

Wolf has struggled to make the Drakelands mine run efficiently, but changes to the way ore is processed and refining adjustments have started to improve throughput and metal recoveries. Further improvements to the gravity fines separation process are expected to be completed over the next eight weeks.

The operational changes will provide the necessary foundation for sustainable performance into next year, Wolf said in a statement.

Another boost has come from an improving trend in the price of tungsten, with a 44% increase since December 2016 from US$187 per mtu to US$269 per mtu in August and a US$30 per mtu rise in each of the last two months.

READ: Wolf Minerals heads into pivotal time as mine turnaround starts to deliver improvements

Richard Lucas, Wolf’s managing director, said the operating turnaround plan was progressing to schedule while the significant increase in the price of tungsten in recent months reflects the anticipated improvement in the market following a prolonged downturn.

“These are encouraging signs, which support our long term business objectives and provide a stronger platform for discussions on Wolf's future funding needs."

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Thu, 31 Aug 2017 08:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/183229/wolf-minerals-encouraged-by-rebound-in-tungsten-price-183229.html
<![CDATA[News - Wolf Minerals working on reducing the tin din ]]> https://www.proactiveinvestors.co.uk/companies/news/182595/wolf-minerals-working-on-reducing-the-tin-din-182595.html Wolf Minerals PLC (LON:WLFE, ASX:WLF) is making progress in its ambition not to be a noisy neighbour down in Devon.

In an operational update on its Hemerdon tungsten and tin project, the company said it is making progress on the implementation of a turnaround plan, designed to achieve a sustainable production platform by the final quarter of the year.

The company has voluntarily shut down the vibrating screens in the processing plant on weekends, while it has continued to develop technical solutions with its lead construction contractor to speed up a comprehensive low frequency noise (LFN) damping solution.

Wolf has assessed the costs of ongoing LFN rectifications and has decided to notify its lead construction contractor of its intention to recover these costs from the £7.5 million performance bond under the construction contract.

Wolf said it is confident that the performance bond will be sufficient to cover the costs of implementing the technical solutions required to deliver a successful LFN outcome.

"We are encouraged by the progress being made on the operating turnaround plan at this early stage, with further improvements planned for the coming months to achieve a sustainable production platform before the end of the year,” said Richard Lucas, interim managing director of Wolf.

“We are also encouraged by an improving tungsten price which supports the opportunity for Drakelands to be an important part of the global supply chain for such a critical industrial metal.

Shares in Wolf were up 3.6% at 3.625p in the first hour of trading.

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Thu, 17 Aug 2017 08:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/182595/wolf-minerals-working-on-reducing-the-tin-din-182595.html
<![CDATA[News - Wolf Minerals heads into pivotal time as mine turnaround starts to deliver improvements ]]> https://www.proactiveinvestors.co.uk/companies/news/181623/wolf-minerals-heads-into-pivotal-time-as-mine-turnaround-starts-to-deliver-improvements-181623.html Wolf Minerals Limited (ASX:WLF, LON:WLFE) interim managing director Richard Lucas told investors that the UK miner is heading into a pivotal time.

The company, in a statement, said that the processing plant turnaround plan is starting to deliver improvements in production – with the plant treating 7% more ore in the three months ended June 30, and concentrate output was up 15%.

READ: Main backer digs deeper to support Wolf Minerals

It also highlighted that tungsten prices have improved, up 5.9% during the quarter, and the group’s interim management team are now based in the UK, close to the mine.

"The next six months is a pivotal time for Wolf to realise its' objective of becoming a reliable steady-state producer,” Lucas said.

“So as to provide the required level of onsite commitment to lead the company towards long term success, my family and I are relocating to Plymouth in the UK.

“In addition as part of the increased executive presence at site I am also very pleased to welcome Stephen Hill as interim chief financial officer. Stephen, who will work with me at site, is an experienced finance executive and has extensive turnaround experience.”

He added: “The June quarter has been an active one. To address our operational challenges we engaged leading specialists who are experts in their fields to assist us to identify and reach consensus on technical solutions.

“This has formed the basis of an operating turnaround plan which aims to achieve a sustainable production platform during the December quarter, from which further volume and optimisation improvements can be made.”

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Fri, 28 Jul 2017 08:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/181623/wolf-minerals-heads-into-pivotal-time-as-mine-turnaround-starts-to-deliver-improvements-181623.html
<![CDATA[News - Main backer digs deeper to support Wolf Minerals ]]> https://www.proactiveinvestors.co.uk/companies/news/179994/main-backer-digs-deeper-to-support-wolf-minerals-179994.html Plymouth-based tungsten miner Wolf Minerals (LON:WLFE) has received a further £10mln in bridge loan finance from its main backer Resource Capital. 

An existing bridge loan facility will rise to £40mln from £30mln to give the company time to get the mine at Hemerdon in Devon working at optimal levels.

Wolf has been dogged with processing plant problems ever since the mine was commissioned over 18 months ago and has been hit recently by more reliability and performance issues it said today.

Tungsten prices have also barely budged over the past year even though the metal remains in short supply. 

Richard Lucas, interim managing director, said it had identified additional resources and expertise to drive improvements in operating performance and build a long term sustainable business.

“Despite the low-price environment for tungsten and commodities in general, the continued support of RCF VI is testament to their confidence in Drakelands and the Wolf management team."

The new funding is being provided on effectively the same terms original facility set up in October last year and will switch to either a subordinated convertible/straight loan in October 2017.

As part of the amendment to the Bridge Facility amount, the minimum conversion price of the subordinated convertible loan has been reduced from A$0.13 per share to the lesser of A$0.07 per share.

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Wed, 28 Jun 2017 15:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/179994/main-backer-digs-deeper-to-support-wolf-minerals-179994.html
<![CDATA[News - Wolf Minerals boss Russell Clark steps down ]]> https://www.proactiveinvestors.co.uk/companies/news/176170/wolf-minerals-boss-russell-clark-steps-down-176170.html Devon-based tungsten miner Wolf Minerals Limited (LON:WLFE, ASX:WLF) has told investors that managing director Russell Clark has resigned from his position.

With the processing plant improvement nearing completion at the Drakelands mine, Wolf said “extensive site-based commitment” would be required from its executive team in the coming months.

Clark reportedly gave various reasons as to why he was unable to relocate to the UK, after which both parties agreed the time was right for a transition to a new managing director.  

Chief financial officer Richard Lucas will step up to the plate as interim MD until a permanent appointment has been made.

Clark will stay on in his position until the end of the month (April 2017).

“The company has a highly capable leadership team which is ready to build on Russell's strong platform,” said chairman John Hopkins.

“Richard Lucas will lead this effort and will have a substantially increased presence in the UK. His strong credentials place the company in an excellent position to complete this final transformation, and I know he enjoys the support of our major shareholders given their familiarity with his skills and abilities.”

Wolf is also bringing in Calum Semple as a contract chief financial officer to cover Lucas’ responsibilities while he fills in for Clark.

British-born Semple will formally start on 1 May although he’ll be working with the site team in the meantime to ensure a smooth transition.

Wolf said he has “recent and relevant experience” in both tungsten and other commodities having headed up PwC’s mining global consulting practice.

Shares were up 5.4% to 4.48p shortly before close on Friday.

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Fri, 07 Apr 2017 15:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/176170/wolf-minerals-boss-russell-clark-steps-down-176170.html
<![CDATA[Media files - Wolf Minerals' Russell Clark hails changes to Drakelands planning permission ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/7118/wolf-minerals-russell-clark-hails-changes-to-drakelands-planning-permission-7118.html Thu, 16 Mar 2017 12:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/7118/wolf-minerals-russell-clark-hails-changes-to-drakelands-planning-permission-7118.html <![CDATA[News - Wolf Minerals expects improvement as year progresses ]]> https://www.proactiveinvestors.co.uk/companies/news/174898/wolf-minerals-expects-improvement-as-year-progresses-174898.html Devon-based tungsten miner Wolf Minerals Ltd (LON:WLFE) expects the performance at the Drakelands (Hemerdon) mine to improve as it drills through into harder granite deeper below the surface.

So far, Wolf has been processing soft, weathered ore at the top of its deposit, but this has produced a much finer particle size than anticipated, which has affected the processing efficiency.

Drakelands’ orebody is located in a large granite dyke that outcrops to surface and Wolf says that as mining gets deeper, the weathering will reduce and hard granite rock become the principal feedstock.

In six months to December, the processing plant treated 968,000 tonnes of ore and produced 55,200 metric tonne units (mtu) of tungsten concentrate, with problems with the kiln also affecting output.

Losses in the half year were A$37.7mln (£24.3mln) with a slump in the tungsten price not helping the junior, though Wolf did generate its first significant of revenues at A$10.9mln.

Wolf is being supported by its major shareholder, Resources Capital, which provided a £30mln bridge facility last October, with the final £10mln tranche just drawn down.

The company also restructured its £64mln senior debt with first repayments pushed backed until the start of 2018.

Drakelands is near Plymouth and Wolf added it has had to rebuild a section of the Lee Moor Road at a cost of £7.5mln.

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Thu, 16 Mar 2017 07:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/174898/wolf-minerals-expects-improvement-as-year-progresses-174898.html
<![CDATA[News - Wolf Minerals draws down further £10mln from RCF facility ]]> https://www.proactiveinvestors.co.uk/companies/news/174676/wolf-minerals-draws-down-further-10mln-from-rcf-facility-174676.html Wolf Minerals Limited (LON:WLFE, ASX:WLF) has received confirmation from Resource Capital Fund VI (RCF) of the release of a further £10mln from 12-month, £30mln secured bridge facility.

The financial support underlines RCF’s continued commitment to the Drakelands open pit tungsten mine near Plymouth, Wolf said.

The money will “support short term working capital, whilst additional funding requirements are developed for long term self-sustainable operations at Drakeland”, it added.

Managing director Russell Clark said: "The company values the continued support from its major shareholder RCF VI and its affiliates, as the Drakelands mine progresses towards design performance and realisation of its full potential.

“It is also pleasing to see the tungsten price continuing to improve having increased some 40% in the last 12 months."

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Mon, 13 Mar 2017 08:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/174676/wolf-minerals-draws-down-further-10mln-from-rcf-facility-174676.html
<![CDATA[News - Wolf quarterlies highlight progress with Hemerdon tungsten project ]]> https://www.proactiveinvestors.co.uk/companies/news/172399/wolf-quarterlies-highlight-progress-with-hemerdon-tungsten-project-172399.html Wolf Minerals Limited (LON:WLFE)(ASX:WLF) continues to make progress at its Hemerdon tungsten and tin mine in Devon, albeit that the tungsten markets are not easy.

During the three months to the end of December 2016 the company secured planning permission for the Drakelands mine to operate for an additional 15 years, as well as permission for the processing plant to operate round the clock.

A tough pricing environment for the tungsten produced by Drakelands had led to some pressure on the balance sheet, but the company managed a successful restructure of senior debt payments, which have now been referred.

What’s more an additional bridge loan with major investor Resource Capital Fund VI has now been put in place.

Meanwhile, the implementation of performance enhancements at Drakelands continues.

"During the Quarter, progress in the mine and at the Mining Waste Facility at Drakelands has continued on track with reductions made to the waste truck fleet size to conserve cash,” said managing director Russell Clarke.

“The challenges in the processing plant are now better understood and an improvement plan is in progress with further equipment changes and modifications scheduled for the upcoming quarter.”

Perhaps his most interesting statement of all, however, was to do with tungsten pricing. “The global supply of tungsten concentrate is constrained,” he said, “and during the quarter there were indications that the historic methodology of determining tungsten concentrate prices relative to the APT price may not be fully representative of the current market."

The company also commented that demand for tungsten concentrate during the quarter was similar to the September 2016 quarter, with firm interest in Japan and Europe as a result of steady output from the automotive sector and aerospace sectors.

However, demand from other regions remained low as a result of soft conditions in the mining, oil and fracking industries and the economic slowdown in China.

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Tue, 31 Jan 2017 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/172399/wolf-quarterlies-highlight-progress-with-hemerdon-tungsten-project-172399.html
<![CDATA[News - Wolf Minerals issues shares in lieu of fees ]]> https://www.proactiveinvestors.co.uk/companies/news/171035/wolf-minerals-issues-shares-in-lieu-of-fees-171035.html Wolf Minerals Limited (LON:WLFE, ASX:WLF) has issued just over half a million shares in lieu of fees.

In all, 506,638 shares were issued in line with a company plan that allows it conserve cash by issuing shares to directors.

The assumed value of the shares issued was 8.29 cents.

Following the latest share issues, John Hopkins owns 0.08% of the company; Ronnie Beevor 0.06%; Don Newport and Nicholas Clarke each own 0.03%.

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Fri, 30 Dec 2016 09:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/171035/wolf-minerals-issues-shares-in-lieu-of-fees-171035.html
<![CDATA[Media files - Wolf Minerals Managing Director Russell Clark presents to investors at the Mining Capital Conference ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/6542/wolf-minerals-managing-director-russell-clark-presents-to-investors-at-the-mining-capital-conference-6542.html Mon, 05 Dec 2016 11:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/6542/wolf-minerals-managing-director-russell-clark-presents-to-investors-at-the-mining-capital-conference-6542.html <![CDATA[Media files - Planning permission extension 'really opens up opportunities' for Wolf Minerals ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/6482/planning-permission-extension-really-opens-up-opportunities-for-wolf-minerals-6482.html Tue, 29 Nov 2016 12:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/6482/planning-permission-extension-really-opens-up-opportunities-for-wolf-minerals-6482.html <![CDATA[News - Wolf Minerals gets double boost at Drakelands mine ]]> https://www.proactiveinvestors.co.uk/companies/news/169479/wolf-minerals-gets-double-boost-at-drakelands-mine-169479.html Devon-based tungsten and tin miner Wolf Minerals Limited (LON:WLFE) has received a double boost with a planning permission extension and approval to work 24/7 at the Drakelands mine’s processing plant.

Drakelands’ planning permit now runs to 2036, from 2021, and as a result of the extension a debt restructuring has been triggered that will see first repayments of senior debt put back until January 2018.

Russell Clark, managing director, said the primary crusher now installed at the processing plant is a roll crusher, a much quieter machine than the jaw crusher that was contemplated when the original permission was granted.

Continuous use of the crusher and processing plant will also mean significant efficiency and economic benefits, he added.

Drakelands was developed on the understanding that the original planning permission needed to be extended.

“The Devon Minerals Plan recognises the importance of this tungsten deposit and its value to the United Kingdom and the broader western world as a secure supply of this specialty metal.

“The additional approval of permanent 24 hour operations for seven days a week at the Drakelands processing plant will enable the company to produce more tungsten and tin more efficiently, with around 20% more production at reduced unit costs.”

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Thu, 24 Nov 2016 08:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/169479/wolf-minerals-gets-double-boost-at-drakelands-mine-169479.html
<![CDATA[Media files - Mining start-ups all about 'right place, right time', says Finncap's Martin Potts ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/6299/mining-start-ups-all-about-right-place-right-time-says-finncap-s-martin-potts Tue, 01 Nov 2016 07:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/6299/mining-start-ups-all-about-right-place-right-time-says-finncap-s-martin-potts <![CDATA[News - Wolf Minerals working to improve throughput at Drakelands ]]> https://www.proactiveinvestors.co.uk/companies/news/168254/wolf-minerals-working-to-improve-throughput-at-drakelands-168254.html Wolf Minerals Limited (LON:WLFE, ASX:WLF) continues to work on increasing throughput at its Drakelands tungsten mine in Devon having restructured its debt, it said, outlining activities in the three months to September 30.

As reported last week, the firm has renegotiated the terms of its financing while it works towards  a declaration of commercial production.

A 12-month £20 mln bridge facility has also been put in place with its main backer, while debt payments have been deferred.

WATCH - Refinancing deal 'very good news for Wolf Minerals Limited and shareholders' says CEO

In terms of operations, favourable weather meant good progress at the mine and waste facility, with 728,452 bank cubic metres of material moved.

The processing plant treated 505,414 tonnes of ore in the three months, generating 29,981 metric tonne units (mtu) of tungsten concentrate - both quarterly records.

Production is expected to increase due to design changes over coming quarters but completion of all these elements is not expected until the first half of 2017.

The firm's passage toward commercial production has been hindered because the company has encountered a finer-than-expected ore and because the tungsten price has remained weak.

A transition from such ore to the harder granite is expected to take place over the 12 months.

Also earmarked for this December quarter is continuing the trial of seven days a week, 24 hour operations at the plant and continuing to build the mine waste facility.

The group spent a total of A$28.5 million in the quarter, including A$6.1 million on development, A$13.8 million on production and A$8.7 million on debt service and repayment, with revenue of A$4 million. 

Broker SP Angel said: "The Drakelands mine is currently being supported by its major shareholder while it resolves issues of the quality of its ore feed and implements improvements to the processing plant.

"These changes will take some time. The current APT price remains at historically low levels, and demand for tungsten concentrates is mixed, however, the company could perhaps be fortunate if prices recover as its operational performance improves over the medium term."

Shares  added 1.47% to 4.82p

---UPDATES FOR SHARE PRICE AND BROKER COMMENT--- ]]>
Mon, 31 Oct 2016 08:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/168254/wolf-minerals-working-to-improve-throughput-at-drakelands-168254.html
<![CDATA[Media files - Refinancing deal 'very good news for Wolf Minerals Limited and shareholders' says CEO ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/6235/refinancing-deal-very-good-news-for-wolf-minerals-limited-and-shareholders-says-ceo-6235.html Mon, 24 Oct 2016 10:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/6235/refinancing-deal-very-good-news-for-wolf-minerals-limited-and-shareholders-says-ceo-6235.html <![CDATA[News - Wolf Minerals gains more time at Drakelands ]]> https://www.proactiveinvestors.co.uk/companies/news/167816/wolf-minerals-gains-more-time-at-drakelands-167816.html Wolf Minerals Limited (LON:WLFE) has renegotiated the terms of the financing for its Drakelands tungsten mine in Devon, England.

The plan is to continue the implementation of modifications at the Drakelands plant to allow the company to work towards a declaration of commercial production.

To date this has been hindered because Wolf has encountered a finer-than-expected ore at Drakelands, and because the tungsten price has remained weak.

According to Wolf’s managing director Russell Clark, the company is “now starting to see improvements in production.”

The ore mined at Drakelands is likely to become increasingly coarse over the next 12 months and recoveries should consequently improve.

In the meantime, a 12-month £20 mln bridge facility has been put in place with Resource Capital Funds, Wolf’s main backer, and debt payments have been deferred.

 

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Mon, 24 Oct 2016 07:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/167816/wolf-minerals-gains-more-time-at-drakelands-167816.html
<![CDATA[News - Wolf makes significant progress on debt talks ]]> https://www.proactiveinvestors.co.uk/companies/news/167481/wolf-makes-significant-progress-on-debt-talks-167481.html Ongoing discussions between Wolf Minerals Ltd (LON:WLFE, ASX:WLF) and its lenders and major backer Resource Capital Funds “have continued to be positive” according to commentary released to market by Wolf this morning.

Wolf undertook one of the UK’s largest mine builds in many years when it put the Drakelands tungsten mine in Devon into production last year.

However, since that time the tungsten price has continued to be weak, and Drakelands has struggled to deliver clear margin.

Accordingly, on 30 September Wolf’s shares were suspended from trading on the Australian Stock Exchange as a debt covenant relating to a forward cash flow forecast had been breached.

Now though, Wolf says progress has been made. Discussions, it says, “have advanced to a point where the company has every expectation that completion of final binding agreements will now occur on or before 21 October 2016.”

The plan is to complete and then release details of these agreements, put out the annual report, and then lift the suspension on the ASX.

 

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Mon, 17 Oct 2016 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/167481/wolf-makes-significant-progress-on-debt-talks-167481.html
<![CDATA[News - Wolf Minerals requests voluntary suspension from ASX ]]> https://www.proactiveinvestors.co.uk/companies/news/166758/wolf-minerals-requests-voluntary-suspension-from-asx-166758.html UK-focused tungsten miner Wolf Minerals Limited (LON:WLFE, ASX:WLF) has requested a voluntary suspension from the ASX after it decided to defer the release of its annual report and audited financial statements.

The annual report was due for release today (30 September) but has now been pushed back until it clears up its financial position.

“After discussion with the company's auditors (PKF Mack), the board believes that further progress is required to finalise the audit opinion on the financial statements for the year ended 30 June 2016.”

Trading in the company’s shares on AIM will continue as normal, Wolf said.

In the same update, Wolf said that discussions with lenders “have been positive” after the company breached a loan covenant under its senior debt facility back in July.

The covenant relates to a minimum forward cashflow forecast requirement which the company said it is unable to meet without further support.

Wolf has agreed to a “negotiated draft non-binding term sheet” with the original lenders which will hopefully resolve the issue and allow for the restructuring of the £75mln facility as well as providing

The firm said that all parties are hopeful of signing off on the binding final agreements on or before 17 October.

Shares were down 14% to 4.96p.

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Fri, 30 Sep 2016 09:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/166758/wolf-minerals-requests-voluntary-suspension-from-asx-166758.html
<![CDATA[News - Wolf Minerals director names his alternate ]]> https://www.proactiveinvestors.co.uk/companies/news/129808/wolf-minerals-director-names-his-alternate-129808.html UK- focused tungsten miner  Wolf Minerals Ltd (LON:WLF, ASX:WLF) said non-exec director Michael Wolley has  appointed engineer Jacob Roorda  to act as his alternate director.

Roorda will attend any meeting of directors, Wolley is not able to attend.

His appointment will continue until Roorda either resigns, Wolley revokes the appointment or until Wolley ceases to be a director, the firm added.

Wolley is vice president of Todd Minerals and Coal in TTI (NZ) Limited, which owns 24.06% of Wolf shares.

Roorda has more than 35 years' experience in the oil and gas industry and is currently the chief executive of Todd Energy Canada Limited, a private oil and gas company focusing on developing an unconventional gas resource in north eastern British Columbia, Canada.

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Tue, 30 Aug 2016 08:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/129808/wolf-minerals-director-names-his-alternate-129808.html
<![CDATA[News - Wolf Minerals expects production to increase after work on plant ]]> https://www.proactiveinvestors.co.uk/companies/news/128811/wolf-minerals-expects-production-to-increase-after-work-on-plant-128811.html Devon-based tungsten miner Wolf Minerals (LON:WLFE ASX:WLF)) is looking to bolster its financial position as it moves towards commercial production at the Hemerdon mine near Plymouth.

Mining activities progressed on schedule in the three months to June, said managing director Russell Clark, but the process plant’s teething problems affected concentrate production.

Some 1.6m tonnes of ore has been extracted in 2016 so far, but what has been mined has come from near the surface and been much finer than the specification of the process plant.

Areas of improvement have been identified, Clark said, and production should increase over the coming quarters. As mining gets deeper, the ore will also become harder and more like the type expected, which should improve recoveries.

Even so, and with tungsten prices still weak, Clark said Wolf wants to strengthen its financial position ahead of declaring commercial production.

Cash holdings were A$35mln at the end of the quarter, but it is now in default of a minimum forward cash flow forecast requirement covenant and is talking to lenders about how to resolve this.

Shares rose 12% to 7.55p.

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Fri, 29 Jul 2016 16:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/128811/wolf-minerals-expects-production-to-increase-after-work-on-plant-128811.html
<![CDATA[News - Wolf Minerals ships first batch of tin from Devon ]]> https://www.proactiveinvestors.co.uk/companies/news/127701/wolf-minerals-ships-first-batch-of-tin-from-devon-127701.html Wolf Minerals (LON:WLFE) has shipped its first batch of tin concentrate from the Hemerdon mine in Devon.

Tin is a by-product of the operation with tungsten the main metal being mined.

A ramp up to full tungsten production, however, has been hampered by more problems at the processing plant. 

Wolf said it is working with the plant contractor, GRES, to get the plant running smoothly after a recent test highlighted recovery and product grade issues as well as a need for better access to equipment and environmental improvements.

As a result of the plant's underperformance Wolf has undershot a supply commitment to major customers and discussions are underway over how to make the shortfall any potential penalty. 

A rise in the price of tungsten recently has given the miner a boost.

Prices for tungsten concentrates follow the same trend as prices for ammonium paratungstate (APT), said Wolf, a key intermediary product in the tungsten supply chain.  

APT prices recently have rallied to US$200/mtu from US$172/mtu in the first three months of 2016.

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Thu, 30 Jun 2016 09:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/127701/wolf-minerals-ships-first-batch-of-tin-from-devon-127701.html
<![CDATA[News - Wolf Minerals eyes tungsten price pick up ]]> https://www.proactiveinvestors.co.uk/companies/news/125356/wolf-minerals-eyes-tungsten-price-pick-up-125356.html Wolf Minerals (LON:WLFE ASX:WLFE) produced just over 17,600 mtus (176t) of tungsten concentrate from its Hemerdon mine in Devon in the last quarter.

Russell Clark, managing director, said teething issues at the new process plant had been addressed while blasting has started to access the harder, deeper material at the site near Dartmoor.

“The Mining Waste Facility construction is on schedule, using waste from the mine and DMS rejects from the processing plant.

“The building of the Lee Moor Road diversion, away from the base of the MWF  [waste facility] has continued and is expected to accelerate as we move into the spring and summer months.”

Even so, the process plant issues have meant progress has been slower than expected since the mine was commissioned in September.

And this, along with a weak tungsten price, has seen Wolf arrange a £25mln equity standby facility with major shareholder RCF to bolster its balance sheet.

Wolf made the first repayment of the £75mln Senior debt finance facilities in January with the second repayment due this month.  Senior debt finance facilities comprise a £70mln term loan facility and a £5mln bond facility.

Tungsten prices, though ,have started to pick up again. Average APT (concentrate) prices for the quarter were US$172/mtu, but since then the price has risen to between US$188 - 210/mtu.

“Demand for tungsten concentrate during the quarter was similar to the December quarter with sound interest in Japan and Europe from the automotive and aerospace sectors while demand from other regions remained low as a result of soft conditions in the mining, oil and fracking industries,” added Clark

 

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Thu, 28 Apr 2016 09:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/125356/wolf-minerals-eyes-tungsten-price-pick-up-125356.html
<![CDATA[News - Wolf Minerals to make immediate use of new standby facility ]]> https://www.proactiveinvestors.co.uk/companies/news/125114/wolf-minerals-to-make-immediate-use-of-new-standby-facility-125114.html Wolf Minerals (LON:WLFE ASX:WLFE) will use £16mln of its new equity standby this month after shareholders approved the facility last night in Australia.

Forty per cent shareholder Resource Capital Funds, the Devon-based tungsten miner’s major backer, has put up £25mln in total through the facility, which will be available for six months.

Shares will be issued at 9.19p compared to a close of 8.48p yesterday and the money used to provide working capital while the new Drakelands mine near Plymouth ramps up to full capacity.

Russell Clark, Wolf’s managing director, said: "The approval of the Facility enables Wolf to continue its ramp up of the Drakelands mine to enable the project to reach its true potential.

“We are starting to see price increases and remain confident that Wolf, with its large production capacity and location in a first world country will be well positioned when the market recovers."

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Fri, 22 Apr 2016 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/125114/wolf-minerals-to-make-immediate-use-of-new-standby-facility-125114.html
<![CDATA[News - Wolf Minerals digs in for tungsten revival ]]> https://www.proactiveinvestors.co.uk/companies/news/125031/wolf-minerals-digs-in-for-tungsten-revival-125031.html Wolf Minerals (LON:WLFE ASX:WLFE) is the owner and operator of the Hemerdon mine in Devon producing tungsten and tin.

On the edge of Dartmoor and six miles from Plymouth, it was the first new major mine in the UK for 45 years when it opened in 2015.

Other than some some teething problems, equipment took longer than expected to bed down for instance, operational progress has been smooth and the mine is now ramping up to nameplate capacity of 3,500 tonnes of tungsten per year.

Tungsten very weak

The major headache, though, has been something Wolf has very little control over – the price of the metal itself.

When it prepared its feasibility study for the mine, tungsten was selling for US$35,000 per tonne, but like many other commodities the price has been battered recently and was as low as US$15,000 per tonne by the start of 2016.

The upshot is that the miner has to raise more money to tide it over.

Major backer

Wolf though has a loyal and supportive backer in the shape of Resource Capital Funds and the US private equity group has agreed to put up a further £25mln through an equity stand-by facility at 9p per share that runs for six months.

That will most likely take its existing 40% holding to over 50% and other shareholders will vote on the proposed facility at a meeting this Friday (22 April).

“RCF is a big shareholder. The fact they go over 50% is neither here nor there,” says Wolf's managing director Russell Clark.

“We (and they) reached a view that the balance sheet would need strengthening and the way to do that was to put in some equity.”

Clark believes it is the long term potential for tungsten that has underpinned RCF’s involvement almost from the start.

“There are sophisticated investors. They know commodity prices go up and down, have looked at the at supply/demand curve and believe Wolf will be in the box seat when it turns up again.”

Prices on the turn

While few in any mining sector would call a definite upturn just yet, tungsten prices have picked up recently.

The price is around US$19,000 tonne while tin, another product produced at Hemerdon, has also recovered.

Clark expects the trend to continue as one ‘silver lining’ of the low price has been to put high cost producers out of the market.

Major producer China, for example, has tried to cut back its production by 25%.

Whole market is adjusting

“Demand will continue and the market will need supplies of ethical, non-conflict western production.”

He adds that even though the mine is still ramping up it too has taken a knife to costs so when tungsten prices do recover “We will be running efficiently.”

The mine plan was set up for originally for up to 3,500 tonnes per year on a 5 and a half working day week.

But work has now been extended to seven days, which will boost production to 4,500 tonnes for no additional capital outlay, staff or environmental permits.

Other opportunities

There are also other opportunities in the surrounding area for mines that cannot support their own infrastructure to use Hemerdon’s facilities, though Clark says it has only just started to explore this possibility and there’s no immediate rush.

“It will probably take us another year to get Hemerdon ticking over properly, to lock in seven day working, get finance and see what the tungsten price does."

 

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Wed, 20 Apr 2016 14:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/125031/wolf-minerals-digs-in-for-tungsten-revival-125031.html
<![CDATA[Media files - Wolf Minerals says Drakelands mine "taking shape" amid recovering tungsten prices ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/4909/wolf-minerals-says-drakelands-mine-taking-shape-amid-recovering-tungsten-prices-4909.html Mon, 18 Apr 2016 15:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/4909/wolf-minerals-says-drakelands-mine-taking-shape-amid-recovering-tungsten-prices-4909.html <![CDATA[News - Wolf Minerals focused on plant ramp up; posts interim loss ]]> https://www.proactiveinvestors.co.uk/companies/news/123624/wolf-minerals-focused-on-plant-ramp-up-posts-interim-loss-123624.html UK- based tungsten and tin miner Wolf Minerals Limited (LON:WLFE  ASX:WLF) said its focus now is on  ramping the processing plant up to full  tilt, as it posted a loss before tax of $24.2mln in the latest half year.

That compared to a loss of $4.3mln in the same period of 2014.

Last week, the group said it had arranged loan covenant waivers until next March and in January, major shareholder Resource Capital (RCF VI) also provided a standby equity facility of up to £25mln to strengthen the balance sheet during the ramp-up of the  processing plant at the Drakelands mine.

"Throughput tonnages are increasing steadily, as are recoveries, and high quality tungsten concentrate is being produced," the firm said today, adding that the six months to end December also saw first shipments of tungsten to customers globally and the start of site works  to replace a public road.

Revenue in the period was  $1.8mln and the cash at the end of the year stood at $31.6mln compared to $40.6 mln at the end of 2014.

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Mon, 14 Mar 2016 10:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/123624/wolf-minerals-focused-on-plant-ramp-up-posts-interim-loss-123624.html
<![CDATA[News - Wolf Minerals Limited arranges covenant waivers for a year ]]> https://www.proactiveinvestors.co.uk/companies/news/123472/wolf-minerals-limited-arranges-covenant-waivers-for-a-year-123472.html Devon-based tungsten and tin miner Wolf Minerals Limited (LON:WLFE  ASX:WLF) has arranged loan covenant waivers until next March.

The waivers, amendments and relief are effective immediately.

In January, major shareholder Resource Capital (RCF VI) also provided a standby equity facility of up to £25mln to strengthen the balance sheet during the ramp-up of the  processing plant at the Drakelands mine.

The facility is required to be approved by shareholders for the waiver letter to remain effective.

Russell Clark, Wolf’s managing director, said: "The company welcomes the continued support from its lenders, UniCredit Bank, London Branch, ING Bank and Caterpillar Financial.

“The combination of the waivers and relief from the Letter and the funding support from RCF VI enables the company to focus on the success of Drakelands.

“The company will now seek the required regulatory and shareholder approvals to confirm this support."

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Wed, 09 Mar 2016 10:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/123472/wolf-minerals-limited-arranges-covenant-waivers-for-a-year-123472.html
<![CDATA[News - Wolf Minerals applies for Hemerdon planning extension, raises cash ]]> https://www.proactiveinvestors.co.uk/companies/news/121927/wolf-minerals-applies-for-hemerdon-planning-extension-raises-cash-121927.html Devon-based tungsten miner Wolf Minerals (LON:WLFE) has topped up its cash reserves with a £25mln (A$51m) equity facility while production at the mine ramps up.

Resource Capital Fund VI, Wolf's largest shareholder, is putting up the cash, with the equity to be issued at 9.19p, a 13% premium to the share price.

Russell Clark, managing director, said the facility would allow Wolf to focus on ramping-up the processing plant at Drakelands at a time when the tungsten price had fallen almost 50% since construction of the plant commenced in March 2014."

Wolf took over the running of the mine in Autumn last year and Clark the focus in he recent quarter was to understanding the plant in an operating environment and building plant run times.

"The company is looking towards the longer term and to this end has made an application to extend the life of the Drakelands planning permission (by fifteen years to 2036) as well as undertaking a number of geological projects to further improve understanding of the orebody, " he said.

The tungsten price fell 14% to US$178/mtu in the quarter as steady demand in Japan and Europe was offset elsewhere by soft conditions in the mining, oil and fracking industries and China.

Capital expenditure in the three months to December was around £9.1mln. Work on a new public road to the site also got underway. Cash holdings at the end of the quarter were £15.8mln.

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Fri, 29 Jan 2016 09:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/121927/wolf-minerals-applies-for-hemerdon-planning-extension-raises-cash-121927.html
<![CDATA[News - Wolf Minerals' boss confident of tungsten price rebound ]]> https://www.proactiveinvestors.co.uk/companies/news/117318/wolf-minerals-boss-confident-of-tungsten-price-rebound-117318.html Wolf Minerals’ (LON:WLFE) boss expects more casualties among rival tungsten producers unless the price of the heavy metal improves substantially, he told investors today.

A number of private tungsten mines in China have shut, while another big tungsten mine in Canada, Cantung, run by North American Tungsten, was closed last month.

China remains the main source of tungsten production globally but state-owned enterprises are cutting back.

The tungsten price needs to recover to at least US$30,000 per tonne from around US$17,000 currently for these producers to remain profitable warned Russell Clark, though he’s not concerned.

Wolf only opened the Drakelands mine, a £140mln tungsten mine on the fringes of Dartmoor, Devon, in September, but he remains confident on the project’s future.

“Everyone is hurting at these prices,” he said, “but we remain comfortable that they are not sustainable.”

“The silver lining,” he said, “is that while the price is what it is, you won’t see any more mines or projects coming online.”

Clark reckons the price will rebound, as demand remains strong and supply is slowing down, but he’s not resting on his laurels.

He said Wolf will continue to cut costs where possible once the ramp-up phase of the mine has been completed and until the market come out of “the doldrums”.

When the company first commissioned the project the tungsten price was around US$35,000, per tonne.

Shares were 3.5% higher to almost 13p.

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Tue, 10 Nov 2015 14:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/117318/wolf-minerals-boss-confident-of-tungsten-price-rebound-117318.html
<![CDATA[News - Wolf Minerals focused on full production at Hemerdon ]]> https://www.proactiveinvestors.co.uk/companies/news/116763/wolf-minerals-focused-on-full-production-at-hemerdon-116763.html -- adds broker comment, share price --

Wolf Minerals’ (LON:WLFE) Hemerdon mine may soon be the largest tungsten producer outside of China and Russia, according to broker SP Angel.

Hemerdon only started production last month, but the current top Western producer, Cantung in Canada, is in the equivalent of administration and being wound down.

Cantung is victim of a slide in the price of tungsten that has seen the average price fall by US$154/mtu to US$206/Mtu since work commenced on Hemerdon in March 2014.

Wolf said today that this has resulted in some supply being withdrawn from the market with some producers shutting down and lower overall trading volumes than in previous years.

SP Angel suggested this referred to the closure of Cantung and when when this occurs, Hemerdon is likely to be the largest tungsten mine outside Russia and China.

Wolf added that new supply from projects outside of China is expected to be limited for the next few years, which may result in a tighter supply scenario.

The miner confirmed today that Hemerdon, near Plymouth in Devon, is running for seven days a week on a trial basis.

The emphasis in the current quarter will be to build up to full production and optimise the plant’s performance, through a shift to permanent seven day working if this is approved.

Russell Clark, Wolf's managing director, said: “The company has now realised its ambition of becoming a tungsten producer and we expect to provide a reliable, high quality supply of concentrate to our customers for many years into the future."

At full tilt, Hemerdon will produce more than 4,500 tonnes of WO3 (tungsten) in concentrate per year.

Shares edged up to 14.5p. 

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Wed, 28 Oct 2015 12:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/116763/wolf-minerals-focused-on-full-production-at-hemerdon-116763.html
<![CDATA[News - UPDATE - Wolf Minerals takes control of Hemerdon mine as commissioning completes ]]> https://www.proactiveinvestors.co.uk/companies/news/111040/update-wolf-minerals-takes-control-of-hemerdon-mine-as-commissioning-completes-111040.html --adds broker comments, share price --

Wolf Minerals (LON:WLFE) has taken operational control of its new tungsten and tin mine at Hemerdon, near Plymouth, after the completion of commissioning.

A first consignment of tungsten and tin concentrate has also been shipped producing first revenues and operating cash flow from the new operation.

The mine is now going through its ramp-up phase towards full production.

Work currently is on a trial seven day per week basis, which, if successful and may become permanent and enable additional volumes of tungsten and tin concentrates to be produced with no further capital expenditure. 

Russell Clark, Wolf’s managing director, said: “The conclusion of commissioning activities represents another major milestone in the development of the Project, and I congratulate the Wolf team, GR Engineering Services and their sub-contractors, who have worked together to safely achieve this landmark. 

“With the inaugural shipment, Wolf has now realised its ambition of becoming a tungsten producer and we expect to supply high quality concentrate to our customers for many years into the future."

Broker SP Angel noted that tungsten prices at US$185/mtu for intermediate product have almost halved in the 18 months it has taken to build the mine, but having the flexibility of seven day working offers an opportunity to bring production costs down and weather the current commodity price weakness, added the broker.

Finncap trimmed its price target to 18p from 23p “to reflect the current market reality” of lower tungsten prices but kept its ‘buy’ stance.

Shares were trading at 16p today.

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Wed, 23 Sep 2015 08:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/111040/update-wolf-minerals-takes-control-of-hemerdon-mine-as-commissioning-completes-111040.html