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Wolf Minerals inks power contract for Drakelands mine

Last updated: 17:50 06 Jan 2015 AEDT, First published: 18:50 06 Jan 2015 AEDT

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Speciality metals development company Wolf Minerals (LON:WLFE, ASX:WLF) has settled on the company it wants to provide grid power to its Drakelands mine.

Following a tender process conducted by The Energy Services Partnership Ltd, DONG Energy has been awarded the contract to supply grid power to Drakelands, an open pit mine currently being constructed at the company's Hemerdon tungsten and tin project in Devon, in south-west England.

DONG Energy will supply a projected 82 gigawatt hours (GWh) to the operation for a three-year period. The forecast power prices are in line with estimates contained in the definitive feasibility study (DFS).

DONG Energy, 59% owned by the Danish government, is the third largest gas supplier to the UK's industrial and commercial market with a 12% market share.

"As we continue to build the mine and processing plant at Drakelands, it's very pleasing to be able to lock in a power contract at rates similar to those used in the DFS, which will contribute to Wolf being a low cost producer of tungsten," said Russell Clark, managing director of Wolf.

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