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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
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Quick facts: W Resources PLC

Price: 0.296 GBX

AIM:WRES
Market: AIM
Market Cap: £19.21 m
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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 concentrate production in the fourth quarter amounted to 21.4 tonnes, while 7.9 tonnes of tin concentrate were produced.

These volumes are expected to ramp up substantially in 2020.

In the six months to June, revenue was €293,000 and the loss for the period halved to €1mln.

 

What the boss says: Michael Masterman, chairman

"We are pleased to have produced nearly 30 tonnes of tungsten and tin concentrate (combined) and sold and banked proceeds from our first tungsten shipment from the new concentrator plant."

"Highlights include reaching target product specifications early in ramp-up and a higher proportion (28%) of tin in the product mix relative to the 10% in the August 2017 Final Investment Decision report."

 

Video

 

Inflexion points

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

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W Resources aims for large-scale production after first T2 mine blast at La...

W Resources PLC (LON:WRES) chairman Michael Masterman tells Proactive Investors about the first T2 mine blast at the La Parilla Tungsten Project in western Spain, successfully shot on April 30, 2019.    Masterman said the event was significant for the company and represented...

on 2/5/19

2 min read