30th Jul 2014 10:20
LONDON (Alliance News) - Wolf Minerals Ltd said Wednesday that it remains on schedule to complete the construction of its Hemerdon project site in south west England in the third quarter of 2015, as it continued to make progress on the project in the quarter to the end of June.
The metals development company completed a AUD182.7 million fund-raise and share purchase plan to fund the project in the quarter. It said that construction on the site is progressing well, with site clearing and the haul road completed. Structural concrete placement is also well advanced, Wolf Minerals said.
Development expenditure was AUD24.9 million for the quarter. It has begun the construction of the project's waste facility, and the development of the open pit.
"The next key steps will be completion of the structural concrete at the processing plant and commencement of the erection of structural steel and the buildings, and we look forward to reporting further updates on construction progress in due course," said Managing Director Russell Clark in a statement.
In the coming quarter the company plans to continue development at Hemerdon. It will be focusing on completing drilling of diamond drill holes to provide geotechnical information required to review pit slop angles, drawing down senior debt to fund construction, and continuing to recruit operations personnel, amongst other aims, it said.
Shares in Wolf Minerals were trading up 1.1% at 16.80 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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