10th Jul 2014 09:26
LONDON (Alliance News) - W Resources PLC saw its shares rise Thursday after it said the ramp-up of production at its La Parrilla tungsten production facility in Spain has progressed well, delivering production rates ahead of its initial targets.
The company said that by the end of June, it had produced 10 tonnes of concentrate with production rates of an average 59% tungsten trioxide, above its initial target of 50%. Impurities are also lower than its expectations.
It said it is on schedule to ramp-up production to 25 tonnes per month, and expects this to be completed by October. As a result, it expects the facility to move to complete operation by the end of July.
The first shipment of tungsten is scheduled for later this month, which will deliver the first cash from the project.
"Demand from customers and market pricing remains strong and as previously announced, off-take agreements are progressing well with customers," the company said in a statement.
Shares in W Resources were trading up 6.8% at 0.950 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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