logo-loader
viewW Resources PLC

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
On site

Quick facts: W Resources PLC

Price: 0.215 GBX

AIM:WRES
Market: AIM
Market Cap: £14.41 m
Follow

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, which runs on a 24-hour schedule.

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 with plans to come on stream in 2020.

 

How it is doing

Tungsten trioxide production in the first quarter of 2020 amounted to 3,306 metric tonnes. Tin production was 12.1 dry metric tonnes.

These volumes are expected to ramp up further in 2020.

A short shut-down was put in place during the coronavirus crisis, but operations have now been re-opened. 

 

What the boss says: Michael Masterman, chairman

"Production at La Parrilla is building, albeit not at the pace we had anticipated due to early stage plant challenges having an impact on production levels for Q1 2020, as a result of a combination of unplanned downtime with mechanical issues with the jig and the crusher plants, which have now been resolved, and planned shut downs to implement important production improvement initiatives."

 

Video

 

Inflexion points

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

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of W Resources PLC named herein, including the promotion by the Company of W Resources PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

W Resources chairman updates on progress at key projects and answers...

W Resources (LON:WRES) chairman Michael Masterman answers shareholder questions following the company's virtual AGM today. Up for discussion were some of the challenges faced by COVID-19 on La Parrilla and development work at Régua as well as progress on the Sao Martinho resource and trial...

1 week, 6 days ago

2 min read