8th Nov 2019 10:46
(Alliance News) - Shares in W Resources PLC jumped on Friday after the company reported first concentrate production at the La Parrilla mine in Spain.
Shares in the tungsten, tin and gold mining company were 13% higher at 0.39 pence on Friday in London.
W Resources - which is headquartered in London - said it has produced over 5 million tonnes of tungsten concentrate, which is due to be purified and tin separated next week.
Meanwhile, tungsten concentrate production for the T2 phase at La Parrilla is due to get underway later in November.
The company said it has continued commissioning and ramp-up activities at the mine, with all the components of the concentrator plant now commissioned.
W Resources is in the advanced stages of finalising finance facilities, and additional equity investment from local Spanish investors. As a result, the company's board considers W Resources to still be in a closed period.
By Dayo Laniyan; [email protected]
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