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Wolf Minerals heads into pivotal time as mine turnaround starts to deliver improvements

"The next six months is a pivotal time for Wolf to realise its' objective of becoming a reliable steady-state producer”

Wolf Minerals mine in Devon
Looking out across the Hemerdon tungsten and tin mine in Devon

Wolf Minerals Limited (ASX:WLF, LON:WLFE) interim managing director Richard Lucas told investors that the UK miner is heading into a pivotal time.

The company, in a statement, said that the processing plant turnaround plan is starting to deliver improvements in production – with the plant treating 7% more ore in the three months ended June 30, and concentrate output was up 15%.

READ: Main backer digs deeper to support Wolf Minerals

It also highlighted that tungsten prices have improved, up 5.9% during the quarter, and the group’s interim management team are now based in the UK, close to the mine.

"The next six months is a pivotal time for Wolf to realise its' objective of becoming a reliable steady-state producer,” Lucas said.

“So as to provide the required level of onsite commitment to lead the company towards long term success, my family and I are relocating to Plymouth in the UK.

“In addition as part of the increased executive presence at site I am also very pleased to welcome Stephen Hill as interim chief financial officer. Stephen, who will work with me at site, is an experienced finance executive and has extensive turnaround experience.”

He added: “The June quarter has been an active one. To address our operational challenges we engaged leading specialists who are experts in their fields to assist us to identify and reach consensus on technical solutions.

“This has formed the basis of an operating turnaround plan which aims to achieve a sustainable production platform during the December quarter, from which further volume and optimisation improvements can be made.”

Quick facts: Wolf Minerals Limited

Price: 0.035 AUD

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

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