logo-loader

UPDATE - W Resources pleased with progress

Published: 19:13 10 Jul 2014 AEST

laparilla

---ADDS SHARE PRICE---

W Resources (LON:WRES) chairman Michael Masterman said he was “very pleased” with the ramp-up process at the La Parrilla tungsten production facility in Spain.

By the end of last month 10 tonnes of concentrate had been produced from the tailings at an average grade of 59% tungsten trioxide. The firm was aiming for 50% and said impurities were lower than expected.

The ramp-up to 25 tonnes per month is currently on schedule to be achieved by October with the plant moving to round-the-clock operation by the end of this month.

Meanwhile, the first shipment of tungsten is scheduled for later this month, which will deliver first cash flow from the La Parrilla tailings.

W Resources said “strong pricing has been achieved on this initial supply”.

Chairman Masterman added: "We are very pleased with the ramp-up progress to date, in particular the ability to deliver tungsten concentrate at above our initial target specifications.

“It is also a credit to the team that we are on track with the ramp-up and to have now secured first shipment and revenue for the company.”

The shares rose 6.5% to 0.948p.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 8 minutes ago