Proactive Investors - Run By Investors For Investors

W Resources to get larger loan for La Parrilla construction

The Aim-listed junior now expects to receive US$35mln through the term loan, of which US$13mln should be drawn this month
tungsten drill
New loan of US$35mln will payable in two chunks

W Resources PLC (LON:WRES) has increased the size of the loan to fund construction of its La Parrilla mine tungsten/tin mine in Spain.

The AIM-listed junior now expects to receive US$35mln through the term loan, of which US$13mln should be drawn in early this month.

READ: W Resources signs up allmineral for La Parrilla plant’s new concentrator

The balance of US$22mln will be available in the in the second quarter of the year after a number of standard conditions are satisfied.

W Resources originally was expecting to receive a loan of US$30mln by the end of January.

The funding will cover the construction of La Parrilla’s first phase, which will see 2,700 tonnes of tungsten concentrate a year produced from mining 2mln tonnes of ore.

View full WRES profile View Profile

W Resources PLC Timeline

Related Articles

project area
October 26 2018
Last month, the company confirmed high-grade gold drilling results from the Wallbrook Gold Project.
Picture of drill rig
May 03 2018
The Strickland project covers over 100 strike kilometres of greenstone belts and straddles the Evanston and Yuinmery Shear Zones.
Out in the field in WA
October 31 2018
The company expects to make imminent works approval and licence applications to the WA Government.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use