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Wolf Minerals' production disrupted by March cold snap

Richard Lucas, managing director, said that it had been an encouraging start to 2018 before the weather intervened
snow
Devon or Siberia?

Wolf Minerals PLC's (LON:WLFE) recovery was interrupted in March by the Beast from the East, which disrupted operations at the Hemerdon tungsten mine in Devon.

The exceptionally cold weather restricted road access and generated potential safety risks, hampering work at the mine.

READ: Turnaround plan at Wolf Minerals proceeding apace

Production dropped to 34,602 metric units of tungsten (43,500 mtu in the previous three months) even though throughput rose as the processing plant returned to seven-day working.

Tungsten prices continued to rise with the average US$325mtu during the quarter, up 13%.  

Richard Lucas, managing director, said that it had been an encouraging start to 2018 before the weather intervened.

Improvements to the gravity fines circuit and the return to 7 days a week operations had boosted throughput while the ore feed continued to get harder.

The sludgy nature of the feed has been one of Wolf’s major problems since commissioning.

Wolf Minerals is being heavily supported by its major shareholder RCF with talks underway for an additional £5mln of bridge financing.

So far, RCF has provided £65mln of subordinated loans.

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Wolf Minerals Limited Timeline

Newswire
August 14 2018

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