W Resources PLC La Parrilla Update (2577F)
March 18 2022 - 3:01AM
UK Regulatory
TIDMWRES
RNS Number : 2577F
W Resources PLC
18 March 2022
18 March 2022
W Resources Plc
("W" or the "Company"
La Parrilla Update
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces that following
the maintenance shutdown announced on 15 February 2022, production
at the La Parrilla mine in Spain has now recommenced. There was no
production in February other than small quantities of work in
progress that were reprocessed during early February.
The initial maintenance shutdown was scheduled for two weeks,
and in that period further improvements were identified, delaying
the restart in addition to the Company evaluating options regarding
the Liquefied Natural Gas ("LNG") supply, following the 425% price
increase announced last month.
During the extended maintenance shutdown a series of important
improvements were carried out in order to streamline the efficiency
and operation and overall recovery of the plant. These included:
reinforcements to the primary and secondary crushing structures;
updates to the safety control elements throughout the plant;
installation of sump pumps across the plant; preparation for the
installation of a new bench of spirals; levelling and compacting of
areas for the construction of civil works for the installation of
the new intermediate crushed ore stockpile as well as a new
laboratory; and construction of additional infrastructure, building
meeting rooms and updated staff changing facilities.
Further to the funding announcement on 2 March 2022, the first
tranche of BlackRock Financial Management Inc. funds has now been
received and was in part deployed to secure deliveries of LNG to
power the plant. The Company continues to monitor the LNG price and
is looking to accelerate plans to have a second electricity power
line connected to the mine as well as investigating access to solar
energy which will reduce its reliance on LNG.
Chairman, Michael Masterman commented : "W realises the
importance of recommencing production at the La Parrilla mine and
looks forward to resuming shipments of tungsten concentrate, an
event welcomed by our customers, staff and stakeholders alike.
"The war in Ukraine is creating unprecedented pressure on energy
prices, which the Company has to navigate and is evaluating all
alternative options available. Notwithstanding this challenge,
demand for our tungsten and tin concentrate remains very strong and
prices remain robust."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Paul Hailes Colin Aaronson / Harrison Clarke
investor@wresources.com / Samuel Littler
www.wresources.com T: +44 (0) 20 7383 5100
Alternative Resource Capital / Alma PR
Shard Capital Justine James
Alex Wood M: +44 (0) 7525 324431
T:+44 (0) 207 186 9004 wres@almapr.co.uk
www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
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END
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