Wolf Minerals Ltd : WLFE

30 Oct 2017

Wolf secures additional financing to complete turnaround plan

Wolf Minerals (AIM: WLFE, ASX:WLF) has secured an additional £10m in funding from major shareholder Resource Capital Fund VI to help it complete the operating turnaround plan at its Drakelands tungsten/tin mine. This increases the existing bridge facility from £45m to £55m. The key elements of the turnaround plan are modifications to the dense media […]

31 Aug 2017

Good news for Wolf Minerals on two fronts

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 […]

17 Aug 2017

Wolf acts on noise problem at Drakelands

Wolf Minerals intends to recover the cost of rectifying a low frequency noise (LFN) problem caused by the vibrating screens in its Drakelands tungsten/tin processing plant from its lead construction contractor, GR Engineering Services Limited (GRES). It will take advantage of a £7.5 million Performance Bond provision included in the construction contract for the Drakelands […]

28 Jul 2017

Wolf increases tungsten production with adoption of turnaround plan

Wolf Minerals has seen significant improvements to its tungsten/tin processing operations at the Drakelands mine during the first trial period of an operating turnaround plan during the month of June 2017. Average daily ore throughput in the final week of June reached almost 10kt, a 43% increase on the previous week. Wolf developed the plan […]

29 Jun 2017

Wolf Minerals secures additional working capital from major shareholder

Wolf Minerals has secured additional funding from its major shareholder to support its short term working capital as it works towards identifying additional funding sources for long term self-sustainable operations at the Drakelands open pit mine. Resource Capital Fund (RCF), which owns 56% of the company, has increased its existing bridge facility from £30m to […]

28 Apr 2017

Wolf reports improved operations at Drakelands

Wolf Minerals reports that during the March quarter it implemented significant equipment changes and modifications in the processing plant at its Drakelands tungsten/tin mine, in Devon. These modifications have resulted in improvements in ore throughput rates in the plant and in the grade of tungsten concentrate being produced. In addition, open pit mining operations are […]

16 Mar 2017

Wolf reports increased net loss for six months to end December 2016

Wolf Minerals has reported a net loss after tax for the six months to 31 December of A$37.7m, an increase from the A$24.3m loss reported in the corresponding period of 2015. The total loss (including items affected by exchange rate movements) amounted to A$50.6m (2015: loss of A$31.5m). After revenue from sales of tungsten and […]

13 Mar 2017

Wolf Minerals draws an additional £10 million from RCF facility

Wolf Minerals is to draw down an additional £10m from the 12-month secured bridge loan facility that major shareholder, Resource Capital Fund (RCF), provided in October 2016. This will take the amount received from RCF to £30m. The loans carry interest at rates between 10% and 15% per annum and may be repaid with cash […]

31 Jan 2017

Tungsten production fall offsets significant positive developments in Wolf’s December quarter

Wolf Minerals reported revenues from sale of tungsten concentrates at its Drakelands open-pit mine, in Devon, of A$5.4m for the quarter ended 31 December 2016. After considering spending of A$4.2m on development, A$20.7m on production and A$5.0m on finance costs, net cash used in operating activities for the quarter was A$24.6m. At the end of […]

24 Nov 2016

Wolf receives important approvals from planning authorities

Wolf Minerals has received approval to operate its tungsten plant on a 24/7 basis, permanently, and permission to extend mining activities to 2036. Both permissions will have a significant impact on future production at its Drakelands open-pit mine, in Devon. On 23 November, Devon County Council (DCC) extended the mine’s planning permission from 2021 to […]

31 Oct 2016

Wolf reports progress in ramping up to full production at Drakelands

Wolf Minerals reports progress in ramping up to full production at its Drakelands tungsten/tin open-pit mine. In the September quarter, the plant processed a record 505,414t of ore to produce almost 30,000t of concentrate, also a record. The Drakelands mine, which commenced production in September 2015, has struggled to reach planned production rates owing to […]

24 Oct 2016

Wolf confirms debt rescheduling and bridging loan

Wolf Minerals has reached agreement with its major shareholders, its lenders and its concentrate offtake partners on a funding arrangement to ensure its Drakelands tungsten/tin mine can continue to ramp up operations to full, commercial production. The key points of the agreement are: 1. A standstill of the senior debt conditions until either Devon County […]

17 Oct 2016

Wolf Minerals close to completing funding solution

Wolf Minerals expects to complete discussions with its lenders and major shareholder, RCF, on funding arrangements to support the ramp up towards commercial production and design performance at the Drakelands open pit tungsten/tin mine by 21 October 2016. Once the agreements are complete, the company will release its annual report to 30 June 2016. In […]

30 Jun 2016

Wolf continues to optimise plant operation as prices improve

Wolf Minerals reports that tungsten prices improved in Q2 16 with the ammonium paratungstate (APT) price reaching US$225/mtu in May, up from an average of US$172/mtu for the March quarter. APT is the main traded intermediary tungsten product on which tungsten concentrate prices are based. The company notes, however, that the price remains some US$160/mtu […]

28 Apr 2016

Wolf continues plant optimisation and secures additional funding amid weak prices

Wolf Minerals treated 310,949 t of ore during the March quarter at its Drakelands open-pit mine and produced 17,607 metric tonne units (mtu) of tungsten concentrate. Revenue from sales of concentrates was A$3.8 million (£1.9 million). The total cash expenditure for the quarter was A$16.8 million (£8.2 million), including A$3.9 million (£1.9 million) on development, […]

22 Apr 2016

Wolf shareholders approve £25 million equity facility

Wolf Minerals shareholders have approved the establishment of a standby equity facility of up to £25 million with Resource Capital Fund (RCF). The company announced the agreement with its major shareholder, which holds an interest of almost 42%, in January this year. The facility will enable Wolf to strengthen its balance sheet during the ramp-up […]

16 Mar 2016

Progress for Wolf at Drakelands

Wolf Minerals has reported its first financial results since commissioning the Drakelands tungsten/tin mine in September 2015. The company recorded a loss for the six months to 31 December 2015 of A$24.2 million (approximately £12.8 million), equivalent to 1.6 pence per share. The mining operation and processing plant are still ramping up to full production, […]

30 Oct 2015

Wolf trialling 7-days a week operations at its new UK mine

According to its latest quarter report, after spending almost A$12 million in the September quarter in commissioning its Drakelands open pit mine at the Hemerdon tungsten/tin project, in Devon, Wolf Minerals reports that it has fully drawn down the £75 million senior debt finance. Drakelands is the first new metal mine to be built in the […]

01 Sep 2015

Wolf’s UK tungsten mine produces first concentrate

Wolf Minerals has produced the first tungsten concentrates at its new Drakelands open pit mine at the Hemerdon project, in Devon. The concentrates will be sent to Global Tungsten and Powders, in the USA, and Wolfram Bergbau und Hütten, in Austria in terms of Wolf’s offtake agreement. Although this is a major milestone in […]

30 Jul 2015

Wolf Minerals’ UK tungsten mine on schedule for September production

Wolf Minerals reports that commissioning of its Hemerdon tungsten/tin project continues on schedule with the first ore introduced into the plant in June 2015. The company expects the engineering construction firm to complete ‘Performance Tests’ in August before handing over the operation with first product scheduled for delivery to customers in September. Thereafter Wolf will […]

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