21st Dec 2021 12:05
Tungsten West PLC - Owner and operator of Hemerdon tungsten and tin mine in Plymouth - Records revenue of GBP200,887 in the six months to September 30, more than multiplied from annual revenue of GBP40,170 a year ago. Attributes this to strong demand and high tin prices.
Reports a widened pretax loss of GBP5.0 million from GBP3.6 million a year before. This is due to more than doubled administrative expenses of GBP1.8m from GBP629,409. Also, a widened operating loss of GBP4.4 million from GBP3.2 million.
Says future restocking of tungsten rich drilling equipment from the oil and gas industry should underpin long-term demand and prices. Still expects tin prices to drop to USD25,000 to USD30,000 from the current floor price of USD40,000. Says demand for both still continues to be strong and states it is well-positioned for 2022.
Current stock price: 61.99 pence, up 3.3% on Tuesday
Year-to-date change: down 1.2% from 62.75 listing on October 21
By Abby Amoakuh; [email protected]
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