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Wolf Minerals gains more time at Drakelands

Wolf has rescheduled debt repayments and secured a £20 mln bridge to allow it to move towards commerciality at Drakelands

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Drakelands is moving towards a declaration of commerciality

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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ASX:WLF
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