Proactive Investors - Run By Investors For Investors

W Resources says La Parrilla project construction estimated to come in “on or below budget”

The miner said capital expenditure for the project including a contingency of €2.7mln was estimated to be on or below the budget of €27.1mln
Tungsten element
Chairman Michael Masterman added that tungsten prices were tracking "well above" the investment decision parameters

W Resources PLC (LON:WRES) said construction at its flagship La Parrilla tungsten mine in Spain is estimated to come in “on or below budget” as works continued at the project.

In a progress update, the AIM-listed miner said capital expenditure (capex) for the project including a contingency of €2.7mln was estimated to be on or below the budget of €27.1mln, with the crusher and jig & mill on schedule for completion in the fourth quarter of 2018 and concentrator completion for the first quarter of 2019.

WATCH: W Resources Plc on site at La Parrilla in Spain as construction advances

The firm also said that all plant civil works had been completed, all major contracts had been placed, and 81.3% of capex had been committed.

Engineering and procurement for the project are also now over 90% complete.

Michael Masterman, Chairman of W Resources, added that tungsten and tin prices, in addition to the dollar to euro exchange rate, was tracking “well above the financial investment decision parameters” and construction was expected to accelerate over the next 6 months.

In early trading, shares in W Resources were up 2.3% at 0.4p.

View full WRES profile View Profile

W Resources PLC Timeline

Related Articles

Gruyere Gold Project
Mon
Aspiring miner Gold Road is hoping to produce 150,000 ounces a year for its investors.
CS project
November 13 2018
The firm recently completed commercial trials on bulk samples from the CS project, while not far away NewPerl has more than trebled in size
Breaking first ground at the HPA plant site
August 10 2018
Stage I construction at Johor site kicks off with a geotechnical drilling and ground survey program.

© Proactive Investors 2019

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