23rd Sep 2015 07:25
LONDON (Alliance News) - Wolf Minerals Ltd Wednesday said it has finished commissioning at the processing plant at the Drakelands mine, part of the Hemerdon tungsten and tin project in the UK, and said the first shipment of concentrate has been sent to customers.
The sale of its first concentrate is significant, as it represents the company's maiden revenue.
The miner said it has now taken full control of the processing plant in Devon from the constructor, GR Engineering Services, and said the plant will now operate seven days a week under a six-month trial which will end in February 2016.
The plant will progressively ramp-up production in the period and is expected to reach its designed capacity in early 2016.
"The entire processing plant, and all the equipment within it, has now run successfully satisfying the requirements for handover to Wolf. As a result of this success, Wolf has taken full operational control of the plant," said the company.
The inaugural shipment of concentrate from the mine has also been dispatched to a "long term customer", representing the company's maiden revenue and cashflow.
"With the inaugural shipment, Wolf has now realised its ambition of becoming a tungsten producer and we expect to supply high quality concentrate to our customers for many years into the future," said Managing Director Russell Clark.
Still, Wolf shares were down 0.2% to 16.10 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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