30th Apr 2019 13:12
LONDON (Alliance News) - W Resources PLC said on Tuesday its annual loss widened despite recording revenue, as the company said it is well positioned to deliver on its tungsten and tin production growth plans.
The company generated revenue of GBP196,000 in 2018, versus nothing the year before.
However, cost of sales totalling GBP196,000 wiped this out, and together with exchanges losses, finance costs and an impairment charge, the company's pretax loss widened to GBP4.1 million from GBP732,000 the year before.
The company said its La Parrilla project in Spain is fully funded and under full development, on budget and with all major plant and non-plant infrastructure complete with the exception of the large-scale concentrator plan. This is on track for construction completion mid-year, the company added.
Tungsten and tin production and sales have commenced and are set to rise to larger scale production levels at low cost in 2019.
Achievement of this, W Resources said, will "transform" the company.
"With the commencement of production at La Parrilla in November and the first sale of tungsten concentrate in December 2018 and significant progress in development work to scale up the project, the company is well positioned to deliver on its tungsten and tin production growth plans as it builds towards transitioning to a mid-tier mining company," W Resources said.
Shares in W Resources were down 3.9% at 0.442 pence on Tuesday.
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