The AIM-listed firm said concrete and civil works are now complete for the crusher and Metso Minerals Portugal Lda and steelwork contractor Disteca have commenced structural steel delivery at the La Parrilla site.
W Resources said the earthworks are nearing completion for the jig & mill and work on the foundations will be completed mid to late July with construction of the jig & mill on schedule for the fourth quarter.
The firm said the engineering work for the installation of the concentrator is now complete and 3D steelworks engineering is underway, with the civil works and concrete foundations on schedule to be completed in the third quarter of 2018 and construction on track for completion in the first quarter of 2019.
Michael Masterman, Chairman of W Resources commented: "With La Parrilla project finance in place and the engineering and procurement preparation at an advanced stage, on site construction is underway and we expect to complete construction of both the crusher and the jig & mill in the December quarter.”
He added: “We are in the strongest financial position we have ever been in with €17m cash at bank and tracking strongly to revenue and profits in 2019."
In a note to clients, analysts at Nortland Capital said: “Despite the extensive de-risking the company has been through during the first half of 2018, the company has yet to see a significant share price re-rating and we believe the company looks very good value at these levels.”
In morning trading, W Resource’s shares rose 3.5% to 0.44p
-- Adds broker comment, share price --