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UPDATE - Wolf Minerals begins concentrate production

Tungsten from the Hemerdon project will be shipped to the US and Austria.

Wolf,_Hemerdon,_plant.png
It is the first production from its Drakelands open pit mine in Devon.

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Wolf Minerals (LON:WLFE) has produced the first tungsten concentrates at its Drakelands open pit mine in Devon.

Tungsten from the Hemerdon project will be shipped to Global Tungsten and Powders in the US and to Wolfram Bergbau und Hütten in Austria.

The miner added it still expects to take over the running of the mine from its building contractor this month despite teething manufacturing issues.

Wolf commissioned the crushing and scrubbing, and fines sections of the plant but the exciter bars of two vibrating screens broke due to a manufacturing fault.

They have been replaced, but resulted in a minor delay.

Managing director Russell Clark said: “We are very pleased to announce that as part of the commissioning process we have now produced tungsten concentrates to the required specification.

It is another step towards operating the first new metal mine in Great Britain for 45 years.

He added, “Overall, commissioning activities are going well and the operating teams have learned how to manage the plant in different conditions."

FinnCap said: “Construction of the processing plant is now essentially complete, with hand-over from the contractor expected within the current month. We reiterate our 23p price target and Buy recommendation.”

Shares rose 1.35% to 17.2p. 

Quick facts: Wolf Minerals Limited

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ASX:WLF
Market: ASX
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Demise of Wolf Minerals Ltd 'a blow for UK mining' - Alastair Ford

Mining Capital's Alastair Ford discusses the collapse this week of Wolf Minerals Limited (LON:WLFE) (ASX:WLF). Ford says what really did it for Wolf was simply that the economics of production at Hemerdon never really stacked up. He adds that its major investor RCF will now be staring...

on 12/10/18

2 min read