Wolf Minerals is an ASX listed specialty metals producer from its operations at Drakelands, a major global tungsten and tin mine in the United Kingdom's Southwest.
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Wolf Minerals is well and truly on its way to becoming the world’s next major tungsten producer. With finance now secured, redevelopment of the Hemerdon mine is underway. GR Engineering Services has been awarded the fixed term, fixed price contract which should see the 3Mtpa processing plant ‘production ready’ by June 2015.
Wolf Minerals (ASX: WLF, AIM: WLFE) continues to make steady progress towards the redevelopment of the world class Hemerdon tungsten and tin project. The company has secured a A$212M funding package and has engaged GR Engineering Services to commence development of a 3Mtpa processing plant, plus associated infrastructure. The plant will be delivered as a fixed term (24 months from June 2013), fixed price (£75m) contract with first production scheduled for mid-2015. The A$144m (£85m) mining contract was also recently awarded to CA Blackwell who is expected to commence pre- strip and mine development by March 2014.
Hemerdon hosts a JORC resource of 401Mt @ 0.13% WO3 and 0.02% Sn, placing it as the third largest tungsten deposit in the world. A Definitive Feasibility Study (DFS), completed in May 2011, indicated robust economics based on a 3Mtpa operation over a 9.25 year life of mine.
Production is estimated at ~350,000mtu p.a. of a 65% tungsten concentrate and a further ~450tpa of tin in concentrate at C1 costs of US$105/mtu (after tin credits) versus the current APT price of US$385/mtu. The current mining Reserves of 26.7Mt @ 0.19% WO3 and 0.03% Sn are bound only by the constraints of the open pit limits as per the parameters of the granted ‘Planning Permission’. Significant opportunity exists to extend the mine life should approval for a larger open pit be sought in due course.
Wolf Minerals has all but completed the long and arduous process of gaining the required permits for...
Official website: http://www.wolfminerals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/WLF