Shares surged as W Resources PLC (LON:WRES) announced it has kicked off tungsten and tin production at its La Parrilla mine in Spain, with its boss saying he is “pleased with the initial concentrate grades”.
In an update on Thursday, the tungsten, tin and gold miner said that its new concentrator has been completed and is producing tungsten grades to “shipment criteria levels”, which are expected to improve as the plant reaches steady-state production.
The company, which owns mining assets in Portugal and Spain, said this sets the company on-track to achieving its target 2mln tonnes per annum in raw materials, with the aim of producing 2,700 tonnes of tungsten-containing WO3 concentrate.
The plant is currently running on day shifts and will move to 24-hour operation in December, when the miner has scheduled its first shipments to customers.
W Resources added that mining and crushing operations are also going on, having completed its latest and largest blast to date of 90,000 tonnes of ore and rock on Monday.
Chairman Michael Masterman called it a “significant milestone at La Parrilla”, saying he is “pleased with initial concentration grades”.
Shares rocketed 9% to 0.35p in early trading on Thursday.