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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.

Quick facts: W Resources PLC

Price: 0.1225 GBX

Market: AIM
Market Cap: £8.3 m

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W Resources PLC 's (LON:WRES) chairman Michael Masterman and Pablo Neira, who oversees the spanish operation, discuss with Proactive its second quarter production report for La Parrilla. Run-of-mine feed into the plant reduced by 7% compared to the first three months of 2020, to total 253,256...

on 23/7/20

2 min read