W Resources Strikes Two Tungsten Offtake Deals

The company’s share price has increased 2.68 percent since the announcement, and is up 112.96 percent year-to-date.


Shares of W Resources (LSE:WRES) have been on an uptrend since the miner signed two major long-term tungsten offtake deals last Friday (February 23).

The company’s share price has increased 2.68 percent since the announcement, and is up 112.96 percent year-to-date.

The London-listed company will provide 66 percent tungsten concentrate to Wolfram Bergbau und Hütten, the largest tungsten processing company in Europe, and to a leading supplier to the US tungsten market, the company said in a statement.

The agreements will cover initial T2 development of W Resources’ La Parrilla mine, and will account for approximately 80 percent of the planned production tonnage from this phase.

Addressing the offtake agreements, Michael Masterman, chairman of W Resources, commented, “[t]he 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.”

According to the company, La Parrilla is one of the largest tungsten deposits in the western world and is scalable at a low cost. The mineral resource estimated by Golder Associates in April 2017 at a cut-off grade of 0.04 percent WO3 is 49 million tonnes at 0.1 percent WO3 and 0.011 percent tin.

In addition to supplying tungsten concentrate to each company, W Resources has also promised to provide competitive pricing terms.

Aside from La Parilla, W Resources is developing the Regus and Tarouca tungsten projects in Portugal. It also owns the CAA Portalegre goldcopper project and Monforte-Tinoca copper project in the country.

As of 9:30 a.m. EST on Wednesday (February 28), the company’s stock sat at GBX 0.58.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

Get the Latest Tungsten Investing Stock Information

Get the latest information about companies associated with Tungsten Investing delivered directly to your inbox.


By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.


Leave a Reply