W Resources PLC La Parrilla Project Update (6567A)
September 13 2018 - 1:00AM
UK Regulatory
TIDMWRES
RNS Number : 6567A
W Resources PLC
13 September 2018
13 September 2018
W Resources Plc
("W" or the "Company")
La Parrilla Project Update
W Resources Plc (AIM:WRES), the tungsten, copper and gold mining
company with assets in Spain and Portugal, is pleased to provide a
project update on the development of its flagship La Parrilla mine
in the southwest of Spain.
Overall project construction has accelerated during the hot
summer months with construction completion of the crusher and jig
& mill on schedule for Q4 2018 and completion of the
concentrator in Q1 2019. Capital expenditure is tracking below
budget with engineering and procurement now both over 90%
complete.
Development highlights include:
-- All major contracts have been placed and 81.3% of capital expenditure is committed
-- All plant civil works completed
-- Concrete works for the crusher are complete and works for the jig are underway
-- Steel erection for the crusher is advancing quickly
-- Primary Metso equipment for the crusher including four cone
crushers, a jaw crusher, and screens are on site for just in time
installation
-- Primary allmineral equipment for the jig is arriving on site
and allmineral confirmed that the jig project is on schedule
-- The crusher and jig & mill are on schedule for
construction completion in Q4 2018 with concentrator completion in
Q1 2019
-- Capital expenditure including contingency of EUR2.7m is
estimated to come in on or below budget of EUR27.1m
Michael Masterman, Chairman of W Resources, commented: "We have
had a great few months on site at La Parrilla where we are
curren,tly on schedule and below capital budget. Tungsten and tin
prices along with the USD:EUR foreign exchange rate are tracking
well above the Financial Investment Decision parameters. The
development team has made great strides during the long hot Spanish
summer and construction is set to accelerate over the next six
months. Completion of the crusher and jig & mill in 2018 sets
La Parrilla up for a well-executed commissioning and ramp-up ahead
of construction completion of the concentrator in the first quarter
of 2019. We look forward to welcoming investors to La Parrilla on
Friday for the site visit. "
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Jen Clarke
/ Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.co.uk
Turner Pope Investments (TPI) Ltd Gable Communications
Andy Thacker Justine James
T: +44 (0) 203 621 4120 T: +44 (0) 20 7193 7463
www.turnerpope.com M: +44 (0) 7525 324431
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDFKNDBPBKKQCD
(END) Dow Jones Newswires
September 13, 2018 02:00 ET (06:00 GMT)
W Resources (LSE:WRES)
Historical Stock Chart
From Apr 2024 to May 2024
W Resources (LSE:WRES)
Historical Stock Chart
From May 2023 to May 2024