W Resources Plc (LSE:WRES), the tungsten, copper and gold exploration and development company announced that they have signed two major long term offtake agreements.
As quoted in the press release:
The first is with Wolfram Bergbau und Hütten AG, (“WBH”), the largest tungsten processing company in Europe and the second is directly with a leading supplier to the USA tungsten markets. W Resources will supply both with 66% tungsten concentrate on competitive pricing terms. The offtake agreements cover the initial T2 development of the La Parrilla Mine, and will account for approximately 80% of the planned production tonnage from this phase.
Michael Masterman, chairman of W Resources, commented::
We are delighted to have executed two long term offtake agreements, where tungsten product will be delivered directly to the customers’ state of the art, large capacity scheelite tungsten processing plants. The agreements provide W with assurance of a solid revenue stream once production commences in early 2019 as we now focus on the implementation of the mine development plan following the recent US$35 million funding from BlackRock.