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W Resources updates investors at half-year stage

W Resources should be in production from La Parrilla next year
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INVESTMENT OVERVIEW: WRES The Big Picture
Tungsten demand remains strong

W Resources PLC (LON:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, has announced half-year results for the six months to 30 June 2018.

It’s been a busy six months for the company, during which it completed the US$35mln debt funding package for the La Parrilla tungsten project in Spain, and was awarded a grant of €5.3mln by the Junta de Extremadura Government in Spain.

WATCH: W Resources pushing into gold with positive drilling results from Sao Martino site

The company has now commenced earthworks and construction at the La Parrilla mine with completion on track for the first quarter of 2019.

In terms of sales, it’s secured offtake agreements with Wolfram Bergbau und Hütten, and directly with a leading supplier to the USA tungsten markets for approximately 80% of planned production tonnage from the T2 phase.

Meanwhile, in Portugal, the company has purchased 20.3 hectares of land covering the main area of the Régua mine, for a total of €300,000, and extended the trial mine licence for a further year to 19 June 2020.

WATCH: W Resources Plc on site at La Parrilla in Spain as construction advances

It’s also completed reverse circulation drilling programmes at a gold and another tungsten prospect.

“La Parrilla is funded and under full project development,” said Michael Masterman, chairman of W Resources.

“The project is on schedule and on budget and tungsten and tin production and sales are set to commence at large scale production levels and at low cost in 2019. Achievement of this objective will transform W Resources.”

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