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W Resources jumps as it delivers first tungsten shipment from La Parrilla Mine

Michael Masterman, chairman of the miner, said that the order had been delivered on 30 November with shipment sizes to build through December and the new year

La Parrilla mine
The company began production at La Parrilla in mid-November

Shares in W Resources PLC (LON:WRES) jumped in late-morning trading Monday as it delivered the first shipment of tungsten concentrate from its La Parrilla mine in Spain.

Michael Masterman, chairman of the AIM-listed miner, said that the order had been delivered on 30 November with shipment sizes to build through December and the new year as part of a production ramp up.

READ: W Resources commences production of tin and tungsten and La Parrilla

“W has now commenced the first of a three stage production programme which allows the company to generate revenue and cash flow ahead [of] the move to large scale production in 2019 at a planned run rate of 2,500 tonnes per annum of tungsten concentrate,” Masterman said.

The company began production of tungsten and tin at the mine in mid-November as part of a plan to bring it to full mine production in the second half of 2019.

In a note to clients, analysts at Northland Capital said that despite the "positive news, La Parrilla’s quality concentrate and excellent geographical location", the share price had "failed to respond to the Project delivering on its advanced development stages", making them appear "significantly unvalued". 

Shares were up 3.9% at 0.54p.

-- Adds broker comment and updates share price --

Quick facts: W Resources PLC

Price: 0.33 GBX

Market: AIM
Market Cap: £20.75 m

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