Tungsten and tin mine a step closer

Australia-based Wolf Minerals says that it is finalising funding arrangements for its proposed Hemerdon tungsten and tin mine, near Plymouth. The metals extraction company has announced that the scheme is now ‘construction-ready’ after passing a number of project milestones.

These include receiving £45.7 million of funding from major shareholder Resource Capital Funds to start design and construction work, as well as £75 million finance facilities from ING, CAT Financial and Unicredit.

Meanwhile, a £75 million contract has been awarded to GR Engineering Services to design and build the process plant and an £85 million contract has been given to CA Blackwell to mine the open pit and build the mine waste facility.

Managing director Russell Clark said: “During 2013, the company worked through the numerous financing, permitting, property purchases and lease negotiations with great success.

“With these critical aspects now complete, our focus is to ensure that funds are in place to support construction in line with our time-line for the commencement of production in the second half of 2015.”