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W Resources half year revenues rise on higher production and prices

Published: 09:36 30 Sep 2021 BST

W Resources PLC - W Resources Plc half year revenues rise on higher production and prices

W Resources PLC (AIM:WRES)'s interim results confirmed a 95% rise in revenue amidst higher prices and volumes through its operations at the La Parilla mine, in Spain.

Revenue amounted to €1.97mln, from €1.01mln in the same period last year, whilst total concentrate production grew by 30% to 222.6 tonnes – with tungsten concentrate volumes up 60%. Plant recoveries of tungsten was up by 135% to 40%, from 17%. Plant utilisation was up 43% to 87%. Shipments of tungsten concentrate totalling 179.2 tonnes were completed, plus two tin concentrate shipments.

The company highlighted a significant improvement in tungsten pricing - with the European price marked at US$312 to US$318 on September 24 – meanwhile, at around US$37,525 per tonne the price of tin has strengthened over the past nine months too.

“Significant progress has been made at the La Parrilla mine with increases in plant recoveries, production and sales as well as plant utilisation and this is set to continue into H2 2021 and beyond,” said chairman Michael Masterman.

"Development at La Parrilla in H1 2021 has established a more robust platform for the remainder of the year to build our production run-rate towards our T2 Target of 675t of concentrate per quarter.”

Masterman noted that real progress had been made at the La Parrilla mine over a challenging period during the pandemic.

W Resources reported a €1.34mln operating loss for the six months and the pre-tax loss was €4.3mln, including €1.15mln of finance costs and €1.81mln of exchange costs.

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