Proactive Investors - Run By Investors For Investors

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 --

View full WRES profile View Profile

W Resources PLC Timeline

Related Articles

TGME plant
February 05 2019
A scoping study for Theta Hill released in October 2018 delivered a positive result for the shallow, high-grade gold resource.
Speewah project in WA
January 24 2019
The company hopes to update its scoping study this quarter and produce a PFS by July.
Workers underground at Prieska mine
Orion has sorted an ownership milestone as it prepares a BFS and awaits a mining right.

© 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