15th Jul 2021 17:55
W Resources PLC - tungsten, tin and gold mining company with assets in Spain and Portugal - Completes the first water dam resulting in regaining access to higher-grade ore at the La Parrilla mine in Spain. The company says it needed to carry out corrective and proactive maintenance prior to regaining access to higher-grade ore.
These measures resulted in a ten-day production shutdown, with production recommencing on June 8. W Resources achieves the highest quarterly tungsten concentrate production to date at 106.4 tonnes.
For the quarter ended June 30, total contained metal from La Parilla mine rises quarter-on-quarter to 81.6 dry metric tonnes, a 47% rise from 55.5 tonnes.
Looking ahead, reconfirms production guidance of between 800,000 tonnes and 1.00 million tonnes of concentrate for 2021.
"Whilst we faced further challenges due to the impact of having to build a 500,000 cubic metre dam, we were pleased to complete the dewatering of the open pit on 24 June 2021 enabling us to safely regain access to the higher-grade ore. The impact of lack of access to the higher-grade ore was somewhat mitigated with our tungsten recovery rates increasing from 32% to 47% enabling us to produce a record amount of tungsten concentrate in the quarter," says Chair Michael Masterman.
Current stock price: 7.05 pence
Year-to-date change: down 42%
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
WRES.L