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Wolf Minerals focused on plant ramp up; posts interim loss

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.

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Wolf Minerals is developing the mine in Devon, UK

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.

Quick facts: Wolf Minerals Limited

Price: 0.035 AUD

ASX:WLF
Market: ASX
Market Cap: $38.18 m
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