26th Sep 2013 12:54
LONDON (Alliance News) - W Resources PLC Thursday said its pretax losses narrowed slightly in its first-half as the company moves towards first production in Spain.
The Tungsten exploration and development company, with operations in Spain and Portugal, said its pretax losses narrowed to GBP132,000 from GBP146,000 for the six months ended June 30.
The company is yet to make any revenues and said the savings were made in its administrative expenses which fell to GBP132,000 from GBP146,000.
W Resources completed four capital placements during the period totalling GBP3.3 million to finance the construction of processing facilities at the La Parrilla site in Spain and to move forward towards a first production in December.
The company believes the La Parrilla Tailings Deposit will produce 28,000 metric tonne units of tungsten trioxide and 28 tonnes of tin, which should provide an annual revenue of more than EUR7 million.
Tungsten tailings are ground rock and process waste generated in a mine processing plant, the physical and chemical characteristics of the slurry which is recovered and the methods of handling and storage are controversial.
W Resources shares were down 4.39% to 1.09 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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