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W Resources set to become major European tungsten producer

Snapshot

  • La Parrilla now produces on 24-hour schedule
  • First shipments completed in January
  • Significant revenues and profits expected this year
  • Other development assets progressing
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Quick facts: W Resources PLC

Price: 0.1175 GBX

AIM:WRES
Market: AIM
Market Cap: £7.96 m
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What does W Resources do?

W Resources PLC (LON:WRES) is a long-standing constituent of London’s AIM market, run by mining entrepreneur Michael Masterman.

Masterman has been involved with several resources companies over the years and has plenty of experience in bringing projects all the way from early-stage exploration towards and into the production stage. W Resources is focussed primarily on tungsten, tin and gold.

 

What does W Resources own?

The company owns several exploration and development assets in Spain and Portugal, most notably the La Parrilla project.

The first shipment was sold in January, while the company expects production to build substantially in Q1 2020 with a full three months of production and higher than expected tin production and revenue.

Meanwhile, at Régua in Portugal development work continues to progress well.

 

How it's doing

In August, W Resources said had revised the plan at La Parrilla to boost production and move to an operating cash flow position, which subject to continued improvement in operations and a “modest strengthening” in metal prices is expected in the first half of 2021.

The group added that the realignment focused on high recovery ore in the main fast track mining area and in the pit in general. Plant availability and performance has also increased under the new plan.

 

What the boss says: Michael Masterman, chairman

At La Parrilla, tungsten recoveries have started to improve with mining moving to the deeper benches and with the focus on the core areas of the mine.

With the implementation of the programme underway and with patience we expect to be able to move to higher production rates", 

 

Video

 

Inflexion points

  • Start-up at the Régua project
  • Production to build up at La Parrilla, reaching target of 2mln tonnes per annum

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W Resources chairman says they have the fundamentals in place to increase...

W Resources PLC 's (LON:WRES) chairman Michael Masterman and Pablo Neira, who oversees the spanish operation, discuss with Proactive its second quarter production report for La Parrilla. Run-of-mine feed into the plant reduced by 7% compared to the first three months of 2020, to total 253,256...

on 23/7/20

2 min read