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Wolf Minerals draws down further £10mln from RCF facility

The financial suport underlines RCF’s continued commitment to the Drakelands open pit tungsten mine near Plymouth, Wolf said.

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The plant at Drakelands

Wolf Minerals Limited (LON:WLFE, ASX:WLF) has received confirmation from Resource Capital Fund VI (RCF) of the release of a further £10mln from 12-month, £30mln secured bridge facility.

The financial support underlines RCF’s continued commitment to the Drakelands open pit tungsten mine near Plymouth, Wolf said.

The money will “support short term working capital, whilst additional funding requirements are developed for long term self-sustainable operations at Drakeland”, it added.

Managing director Russell Clark said: "The company values the continued support from its major shareholder RCF VI and its affiliates, as the Drakelands mine progresses towards design performance and realisation of its full potential.

“It is also pleasing to see the tungsten price continuing to improve having increased some 40% in the last 12 months."

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ASX:WLF
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