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Published on Oct 24, 2016
Wolf Minerals Limited (LON:WLFE) has renegotiated the terms of the financing for its Drakelands tungsten mine in Devon, England.
The plan is to continue the implementation of modifications at the Drakelands plant to allow the company to work towards a declaration of commercial production.
Managing Director Russell Clark tells Proactive: ''We built the first new metal mine in the UK for 45 years, we completed it a little over a year ago and in the meantime have been ramping up production in an environment where the tungsten price has, at times, been almost half that was used in the feasibility study.''
''We've been fighting the headwinds of low commodity prices and also a slightly slower than planned ramp-up in the plant and as a result of that we've been burning cash'', Clark added.
He said: ''We went to our banks, we went to our off-takers, we went to our investors to see how we could better structure the funding arrangements that we've had and I think we've ended up with a fantastic outcome''.
The plan is to continue the implementation of modifications at the Drakelands plant to allow the company to work towards a declaration of commercial production.
Managing Director Russell Clark tells Proactive: ''We built the first new metal mine in the UK for 45 years, we completed it a little over a year ago and in the meantime have been ramping up production in an environment where the tungsten price has, at times, been almost half that was used in the feasibility study.''
''We've been fighting the headwinds of low commodity prices and also a slightly slower than planned ramp-up in the plant and as a result of that we've been burning cash'', Clark added.
He said: ''We went to our banks, we went to our off-takers, we went to our investors to see how we could better structure the funding arrangements that we've had and I think we've ended up with a fantastic outcome''.
2016 Annual Report to Shareholders - https://t.co/l0diWtC1EL— Wolf Minerals Ltd (@WolfMinerals) October 24, 2016
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