Wolf Minerals (AIM: WLFE) has secured an additional £5 million in funding from major shareholder Resource Capital Fund VI to help it complete the operating turnaround plan at its Drakelands tungsten/tin mine.
The key elements of the turnaround plan are modifications to the dense media circuit (Phase 1 completed and Phase 2 planned for 9 September); modifications to the refinery (Phase 1 completed and Phase 2 planned for mid-October); and modifications to the recovery of gravity fines (planned for commissioning by early November).
Meanwhile, Wolf reports that the price of tungsten has increased 44% since December 2016, from US$187/mtu to US$269/mtu currently.
About Wolf Minerals
Wolf is a publicly traded company listed on London’s AIM and on the Australian Stock Exchange (ASX). Wolf’s sole mineral asset is the Drakelands tungsten and tin mine, in Devon, UK, which the company commissioned in September 2015. When fully operational, the mine will produce around 3% of global demand for tungsten (or 15% of non-Chinese demand), with the potential to expand production by over 25%.
The company’s registered office is in Perth, Australia, and operational offices are at the mine site, outside Plymouth, in the UK.
Good news for Wolf Minerals on two fronts: WLFE