W Resources (WRES LN) 0.45p, Mkt Cap £27.1m – Contract for crushing and haulage at Regua
• W Resources has awarded a haulage and crushing contract for its Regua tungsten project in Portugal to Francisco Pereira Marinho Imaos (FPMI).
• The contractor will haul mined ore approximately 27km from Regua to its crushing facility where it reduce the ore to 5-10mm in size to provide feed to the relocated La Parilla Concentrator Plant “which will be moved to Regua and upgraded later this year”.
• Chairman, Michael Masterman, explained the significance of the FPMI contract; “The haulage and crushing services contract with FPMI allows W to advance Régua to development with efficient capital deployment. Our aim is to bring Régua into commercial production with sensible capital deployment leveraging contract mining, haulage and crushing contracts, thereby keeping the capital costs of development low”.
• In a separate announcement today, the company also provided a progress report on developments at La Parilla in Spain where it has now commissioned the jig plant and that over 3500t of jigged preconcentrate has now been processed to a tungsten concentrate through the existing concentrator plant. Production “is expected to increase significantly in July to 20 tonnes of concentrate following the move to a 24 hour operation at the existing concentrator and the upgrade to higher grade ore feed now that initial commissioning is complete”.
• The new concentrator at La Parilla is reported to be “advancing to primary construction completion in June, in line with guidance” which would presumably free up the existing plant for its planned re-siting at Regua referred to earlier.