2nd Jun 2023 09:58
Tungsten West PLC - London-headquartered mining company focussed on restarting production at Hemerdon tungsten and tin mine in Devon, England - Completes legacy tungsten pre-concentrate and tin concentrate processing at Hemerdon. Company has to date processed over 50 tonnes total legacy and residual material and plans to move towards future regular production, including liquidating the previous operator's leftover assets and using pre-crushed and separated past materials. Expects over GBP400,000 in revenue from these operations. Cost reduction programme is nearing completion; company anticipates a 42% reduction in headcount. Refurbishment work has been paused until permitting and funding processes are completed. Preparations for full-scale project development are ongoing.
Chief Executive Officer Neil Gawthorpe says: "This small-scale production of tungsten and tin is a mere indication of what can be achieved once the mine is fully re-opened. The success of the recommissioning of the dry section of the refinery has also provided us with valuable insight into the future operating parameters.
"We are dedicated to building and operating this mine with the support of all key stakeholders, especially our local communities, in order to create a responsible mining operation and sustainable source of tungsten and tin concentrate in South Devon."
Current stock price: 3.25 pence, up 4.0% in London on Friday
12-month change: down 88%
By Emma Curzon, Alliance News reporter
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