W Resources Boosted by Significant Recovery in Tungsten Prices

"The fundamentals of La Parrilla are ever more competitive with the tungsten price increase of over 50% to more than US$310/mtu in the past 9 months." European mine developer W Resources PLC (LON:WRES) highlighted a significant recovery in Tungsten prices in 2017, up around 50% in the year to date.

In its interim results statement, Cemented Carbide Blade W Resources added that continued shortages of tungsten concentrate bodes well for the rest of the year.

Michael Masterman, W Resources chairman, said: "The fundamentals of La Parrilla are ever more competitive with the tungsten price increase of over 50% to more than US$310/mtu in the past 9 months, and with the design and construction for the 2mtpa plant advancing we well positioned to accelerate development on completion of the planned debt financing, which expect to be completed in Q4 2017."

“We appreciate our shareholders' patience as we reach the next major milestone with the debt financing and we are as keen as any to conclude our negotiations in order to ramp up the La Parrilla project tungsten carbide weight development."

Masterman also highlighted that planned drill programmes at the Régua and at Tarouca areas will further develop the trial mine design as well as boost overall tungsten resources.

W Resources reported a £381,000 loss after tax.