Wolf Minerals PLC (LON:WLFE, ASX:WLF) is making progress in its ambition not to be a noisy neighbour down in Devon.
In an operational update on its Hemerdon tungsten and tin project, the company said it is making progress on the implementation of a turnaround plan, designed to achieve a sustainable production platform by the final quarter of the year.
The company has voluntarily shut down the vibrating screens in the processing plant on weekends, while it has continued to develop technical solutions with its lead construction contractor to speed up a comprehensive low frequency noise (LFN) damping solution.
Wolf has assessed the costs of ongoing LFN rectifications and has decided to notify its lead construction contractor of its intention to recover these costs from the £7.5 million performance bond under the construction contract.
Wolf said it is confident that the performance bond will be sufficient to cover the costs of implementing the technical solutions required to deliver a successful LFN outcome.
"We are encouraged by the progress being made on the operating turnaround plan at this early stage, with further improvements planned for the coming months to achieve a sustainable production platform before the end of the year,” said Richard Lucas, interim managing director of Wolf.
“We are also encouraged by an improving tungsten price which supports the opportunity for Drakelands to be an important part of the global supply chain for such a critical industrial metal.
Shares in Wolf were up 3.6% at 3.625p in the first hour of trading.