Tungsten West PLC (AIM:TUN, OTC:TNGWF) said it has completed low frequency noise (LFN) trials at its Hemerdon mine in Devon and submitted a formal application to the Environment Agency for a mineral processing permit.
An application has also been made to vary the cap on daily truck movements from the site.
During the LFN trials, readings were taken at locations surrounding the site to identify solutions to the issues experienced by the previous operator of the project.
Tungsten West added it has actively involved the local community, local councils and regulatory bodies in the process, participating in regular discussions and offering a direct line to the company.
Neil Gawthorpe, chief executive, commented: "The positive completion of the LFN Trials marks an important and necessary step for the company, enabling submission of the MPF permit application, the final permit required to switch on the plant and begin producing tungsten and tin.
"The LFN Trials have been a key focus in resolving issues experienced by the previous operator and have been beneficial to helping improve community confidence in Tungsten West.”
Separately, Tungsten West said it had satisfied the conditions required to draw the second tranche of up to £2.975 million of 2023 convertible loan notes issued as part of a £6.95 million funding.
To further improve its liquidity, Tungsten West also said it will cut staff costs by 25% via redundancies, reduced hours and resignations and is in the process of agreeing to deferred payment plans and restructuring supply agreements with a number of creditors.
Nigel Widdowson has also resigned from his role as chief financial officer, said the company, but will focus on funding and project finance while he works out his notice period.
Adrian Bougourd and Guy Edwards have been appointed as non-executive directors, subject to satisfactory completion of due diligence checks.
Gawthorpe commented: "Although the further evaluation of the financing structure of the business has led to some difficult decisions for the board, the cost savings this will generate, combined with the funds received from the Tranche B Notes, will provide crucial funding for planning and permitting activities and enable us to ensure continued environmental compliance, which are vital steps towards restarting the Hemerdon mine.”