• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Critical Metals Market
    Critical Metals News
    Critical Metals Stocks
    • Critical Metals Market
    • Critical Metals News
    • Critical Metals Stocks
    tungsten investing

    Tungsten Miner Wolf Minerals Falls After Posting Yearly Loss

    Priscila Barrera
    Oct. 03, 2017 04:30PM PST
    Critical Metals
    ASX:WLF

    Dual-listed Wolf Minerals’ share price dropped after it posted an 18-percent increase in pre-tax losses for the 2017 financial year.

    Dual-listed Wolf Minerals (ASX:WLF,LSE:WLFE) fell more than 5 percent on Tuesday (October 3) after posting an 18-percent increase in pre-tax losses for its tungsten-tin Drakelands mine in the UK.
    The company recorded a loss of AU$74.6 million in the 2017 financial year, up from AU$62.7 million the year prior, but said it has been encouraged by improvements in the tungsten market.
    “The tungsten market improved slowly during the first half of the year before building momentum at the end of the financial year,” Chairman John Hopkins said in a press release.


    Tungsten prices have surged over 44 percent this year due to reduced supply from top producer China. The Asian country has been fighting pollution by closing down mines and enforcing production quotas.
    “The very limited new supply of tungsten coming to market in recent years is expected to support prices at higher levels as demand continues to grow,” Hopkins added.
    Wolf’s flagship asset, Drakelands, is one of the UK’s few active mines, and is the world’s fourth-largest producer of tungsten. The metal is used in cemented carbide, alloys and other construction applications.
    “The board is encouraged by the recent price strength and the potential for longer term market equilibrium at these higher prices, providing Wolf with the opportunity to maximise its strategic value,” Hopkins commented.
    The company also reported an increase in revenue to AU$24.7 million from AU$8.6 million the previous year. Cost of sales rose to AU$76.4 million from AU$50 million year-on-year.
    In the coming financial year, Wolf Minerals’ initial focus will be to complete its “operating turnaround plan” to improve availability, throughput and recoveries in a safe and sustainable manner at Drakelands.
    Some concerns about the plan surfaced in September, when the company extended its credit facility for the project with its biggest investor, Resource Capital.
    “I’d be surprised if the tungsten price rise alone can save them. You’d have to say it’s going to be difficult. The question is: if at the end of this [turnaround] it’s not generating cash, then what happens next?” Martin Potts, analyst at FinnCap, said at the time.
    On Tuesday, Wolf Minerals closed down 5.56 percent in Sydney, at AU$0.09, and down 0.95 percent on the LSE, at GBX 5.20. The company has surged about 20 percent since the beginning of the year.
    Don’t forget to follow us at @INN_Resource for real-time news updates! 
    Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
    wolf mineralswolf minerals asxchinatungsten markettungsten investingasx:wlf
    The Conversation (0)

    Go Deeper

    AI Powered
    Shiny metal spheres with text: "5 Top Australian Mining Stocks This Week."

    Top 5 Australian Mining Stocks This Week: Bayan Mining Soars 87.5 Percent on Project Updates

    light bulb in ocean with jellyfish

    How to Invest in Tungsten Stocks

    Latest News

    Allied Critical Metals Closes First Tranche of Oversubscribed Non-Brokered Private Placement and Upsize to $5m of the Offering

    CoTec Announces Stock Option, Deferred Share Unit And Restricted Share Unit Grants

    Homerun Resources Inc. Completes the Assignment of the CBPM Lease over the Guidoni Belmonte District Silica Mineral Rights

    High-Grade Channel Samples at Antimony Canyon Project - Utah

    Troy Minerals Files Technical Report for the Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Critical Metals Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×