3rd Oct 2013 08:10
LONDON (Alliance News) - Wolf Minerals Limited Thursday said it was continuing to make progress at its Hemerdon tungsten and tin project in Devon, with the company moving from the exploration phase to development and construction.
The AIM- and Australian Securities Exchange-listed metals company said it wanted to take advantage of a potential global tungsten shortfall, as it expects many new supply sources to become constrained. Wolf Minerals said it would benefit from this potential shortfall as its Hemerdon project comes into production in 2015.
The demand for tungsten worldwide is expected to grow at 6-7% per annum, according to Wolf Minerals. It is used in everything from light-bulb filaments to artillery shells.
Wolf Minerals said it has moved quickly to purchase a number of properties around the site, as it is required to do under its planning permission.
Wolf Minerals said the property purchase plan was going well.
Wolf Minerals shares were Thursday quoted at 19.50 pence, down 0.25 pence, or 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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