W Resources PLC (LON:WRES)

W Resources PLC (LON:WRES)


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W Resources PLC RNS Release

La Parrilla Mining Contract Awarded


RNS Number : 4554B
W Resources PLC
07 June 2019
 

 

7 June 2019

 

W Resources Plc

("W" or the "Company")

 

La Parrilla Mining Contract Awarded

 

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, has formally signed the agreement with General de Maquinaria y Excavación S.L. ("GME") which has been awarded the mining contract for the La Parrilla tungsten project in Spain.

The La Parrilla mining fleet is now in place, with three 60-tonne haul trucks, a Liebherr excavator and other auxiliary equipment on site, which will be gradually scaled-up in response to the demand as ramp-up progresses. The GME team will be locally managed by an experienced mining engineer along with a production foreman and a safety manager responsible for the machine operating team.

Development at La Parrilla is progressing well and project construction completion remains in line with guidance for completion of the Concentrator Plant in June. With some smaller modular plant such as the MCC being delivered and installed in early July, commissioning of the Concentrator Plant also remains on plan for July.

Michael Masterman, Chairman of W Resources commented: "Following detailed negotiations, we are delighted to have awarded the mining contract for La Parrilla to GME who bring extensive experience in mining and processing. Importantly, the contract is in line with our Final Investment Decision report, which further underpins our confidence of achieving the low operating costs we have outlined. The project remains within budget and we look forward to ramp-up to T2 of the project which will deliver significant earnings starting in 2019."

 

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.com

 

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

 

 

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker

T: +44 (0) 203 621 4120

www.turnerpope.com

 

Gable Communications

Justine James

T: +44 (0) 20 7193 7463

M: +44 (0) 7525 324431

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 207 186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 207 186 9952

www.shardcapital.com

 

 

 

 


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