17th Sep 2015 09:07
LONDON (Alliance News) - Wolf Minerals Ltd on Thursday said its loss for the financial year to the end of June was higher as it ramped up operations at the Hemerdon tungsten project.
Wolf said its pretax loss for the half year was up to AUD9.3 million from AUD3.7 million a year earlier. Expenses rose across the board as it ramped up its operations and as it made a AUD1.5 million in derivative contract losses.
Revenue was up to AUD534,414 from AUD137,825 a year earlier, entirely due to interest income the company generated.
Wolf is focused on developing the Hemerdon tungsten project in Devon, west England, and, earlier this month, said it had produced its first tungsten concentrate from the Drakelands mine on the site. It did say, however, that it has faced delays in taking over the processing plant at the project, which will now happen by the end of September.
The Hemerdon project is based on the third-largest tungsten and tin resource in the world, and the Drakelands mine is the first new metal mine to have been opened in the UK for 45 years.
The company said it focus for the current financial year will be on completing the handover of the processing plant and then ramping up the throughput level, with full production targeted for early 2016.
Shares in Wolf were down 1.9% to 16.19 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Wolf Minerals