27th Oct 2014 09:58
LONDON (Alliance News) - Wolf Minerals Ltd Monday said it had another "highly successful" quarter, in the three months to end-September, with construction at its Hemerdon tungsten and tin project in Devon, England on track and on budget, and having commenced the draw-down of GBP75 million in senior debt facilities.
The specialty metals development company said it continues to advance the development of the Hemerdon project, with development expenditure of AUD61.7 million for the quarter.
"Construction activity at Hemerdon remains on track, and excellent weather conditions have continued into the autumn months in the UK, contributing to significant progress being made. We continue to forecast an on time, on budget delivery of the project, with first concentrate contracted for delivery in the third quarter of 2015," said Managing Director Russell Clark in a statement.
During the quarter Wolf said it had satisfied all necessary conditions required to draw-down the project's GBP75 million senior debt finance facilities. The senior debt finance facilities comprise a GBP70 million term loan facility and a GBP5 million bond facility.
Shares in Wolf Minerals were up 0.3% Monday morning at 15.05 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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