Tungsten West Pushes Forward With New Plan to Restart Hemerdon Mine in England

- Advertisement -


By Jaime Llinares Taboada

- Advertisement -
- Advertisement -

Tungsten West PLC said Tuesday that it has completed a new development plant for bringing the Hemerdon tungsten-and-tin mine back into production, and that construction will began immediately.

The mining company said the new plan for its project in Devon, England, continues to envisage restarting production in the first half of 2023.

- Advertisement -

The internal capital expenditure estimate is 26 million to 36 million pounds ($31.1 million-$43.0 million), compared with the previous estimate of GBP54 million.

Hemerdon will aim to process 2.1 million metric tons in year one and 2.6 million tons in year two, before ramping up to steady production of 3.5 million tons a year from year three.

“Our new plan reduces capital expenditure, lowers the ongoing operating costs by streamlining processes for greater energy efficiency, and maximizes the operating margins,” Executive Vice Chairman Mark Thompson said.

Tungsten West said it is in discussions with a financing partner to provide nonequity financing.

Shares at 0745 GMT were up 4.8% at 22.0 pence.

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT

,

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox