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Wolf Minerals reveals improved production and sales in interim report

Production and sales were up 36% and 37% respectively compared to the previous period
Wolf Minerals mine in Devon
The interim loss narrowed significantly to £29.16mln from £50.64mln

Wolf Minerals (LON:WLFE) reported interim results revealing narrower losses, thanks in part to higher revenues generated by its tungsten mine in Devon.

Revenue improved to £23.12mln for the period, up from £10.93 in the same period in 2016, though cost of sales rose to £42.72mln from £39.27mln.

READ: Wolf Minerals sees turning point as lenders provide more support

In the period, the company’s processing plant treated 959,958 tonnes of ore to produce 79,099 tonnes of tungsten. Production and sales were up 36% and 37% respectively compared to the previous period, Wolf noted.

Operationally, the focus is on the mine turnaround plan – and specifically, on improving ore feed blending for the processing plant. Additionally, the completion of a Stage 3.1 construction project for the mining waste facility is also a priority.

Wolf reported a total comprehensive loss of £29.16mln for the six months, compared to £50.64mln in the same period in the preceding year.


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August 14 2018

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