Devon-based tungsten and tin miner Wolf Minerals Limited (LON:WLFE) has received a double boost with a planning permission extension and approval to work 24/7 at the Drakelands mine’s processing plant.
Drakelands’ planning permit now runs to 2036, from 2021, and as a result of the extension a debt restructuring has been triggered that will see first repayments of senior debt put back until January 2018.
Russell Clark, managing director, said the primary crusher now installed at the processing plant is a roll crusher, a much quieter machine than the jaw crusher that was contemplated when the original permission was granted.
Continuous use of the crusher and processing plant will also mean significant efficiency and economic benefits, he added.
Drakelands was developed on the understanding that the original planning permission needed to be extended.
“The Devon Minerals Plan recognises the importance of this tungsten deposit and its value to the United Kingdom and the broader western world as a secure supply of this specialty metal.
“The additional approval of permanent 24 hour operations for seven days a week at the Drakelands processing plant will enable the company to produce more tungsten and tin more efficiently, with around 20% more production at reduced unit costs.”