W Resources PLC - Financing, La Parrilla and Spain COVID-19 Update
("W" or the "Company")
Expanded Finance Facilities, La Parrilla and Spain COVID-19 Update
W has secured a
In parallel, the Spanish government, as part of the State of Emergency, has announced it is set to provide guarantees of up to 90% of funds to back companies affected by the pandemic. W has started the process in order to enable it to access grants and government guarantees for additional low-cost
Spain Lockdown Update
As part of the State of Emergency, the Spanish government has released an update stipulating that non-essential services, including mining, be closed until Thursday 9 April. Based on this, W has already initiated a programme to close the mine and operation in an orderly way to comply with the government decree. This is expected to be completed by
La Parrilla Update
March quarterly production at La Parrilla has increased by over 160% from the December quarter and the team has been able to implement a number of material improvements to the plant during planned shutdowns. A full quarterly report will be provided mid-April following normal end of month reconciliation of production data and completion of the metallurgical and operations review.
Key improvement programmes implemented in February and March include:
· Construction of an expanded pre-concentrate stockpile area to allow continuous operation of concentrator plant if the jig plant or crusher plant are offline
· Installation of new hydrosizer to improve classification and operation of shaking tables
· Installation of a new deslimes circuit to allow 100% of jig thickener underflow to be fed to the concentrator plant increasing jig plant recoveries
· Rectification of a number of critical items that the contractor did not complete to the standard W would expect. This has led to even greater plant stability and control
In April, the Company will install cyclones on the spiral banks to enable greater control of the density of spiral feed which W expects to significantly increase recoveries.
"La Parrilla's production has improved significantly quarter-on-quarter and we intend to make a further substantial step change and increase in production once La Parrilla reopens. We will provide guidance as part of the quarterly report.
"The safety and wellbeing of the W team remains our number one priority. To date, no
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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