31st Dec 2024 15:01
(Alliance News) - Tungsten West PLC on Tuesday said it is focused on restarting production at its tin mine as its loss widened after it reported no revenue.
Tungsten West is a London-based miner and owner of the past producing Hemerdon tungsten and tin mine in Devon, England.
Revenue fell to zero in the six months to the end of September, from GBP722,036 year-on-year.
Pretax loss widened to GBP13.9 million from GBP9.1 million in the prior year.
The cost of sales also increased, by 46%, to GBP1.1 million from GBP780,649. Administration expenses fell by 47% to GBP4.3 million from GBP8.0 million.
Hemerdon mine was producing between 2015 and 2018 before its operator entered administration.
The company said it is positive about the long-term prospects for the mine and "is committed to delivering the project and recommencing operations".
New Chief Executive Officer Jeff Court said the company was focused on de-risking the project and updating its re-start economic assessment.
Court said: "The current national and international dialogue surrounding the essential nature of critical minerals supply chain security has highlighted the importance of Hemerdon to governments and other key stakeholders. This has given us confidence that the funding capital needed to bring Hemerdon back into production will be available to us following the completion of the feasibility study."
The half-year results were released after the close on Tuesday. Shares in Tungsten West closed up 6.7% at 4.00 pence in London on Tuesday.
By Michael Hennessey, Alliance News reporter
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