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Wolf Minerals Limited (ASX:WLF) reported that as of the half year ended 31 December 2014, progress at the Hemerdon Project in the UK is 67% complete, with dry commissioning of the plant anticipated in March 2015; and all structural concrete pours were complete with structural steel erection being 44% complete.
As quoted in the press release:
Highlights for the half year include:
- On track to deliver the first new metal mine in Great Britain for over 45 years.
- The progress of the Hemerdon Project (the “Project”) as at the half year was 67% complete and also on schedule and within budget. The EPC contractor expects to commence dry commissioning of the plant in March 2015.
- The EPC Contractor hand over to Wolf Minerals is scheduled for Q3 2015.
- At the half year all structural concrete pours were complete with structural steel erection being 44% complete. As the date of this release the structural steel erection is now 80% complete.
- The Mine Waste Facility is on track to be finished by the scheduled plant commissioning.
- During construction of the Mine Waste Facility 100,000 tonnes of ore has been extracted and stockpiled, forming the basis of the initial feed to the processing plant.
- A geotechnical diamond drilling programme to assess the feasibility of extending the mine life through steepening the mine walls and thereby enabling a deeper pit has concluded. With the potential to increase ore reserves by between 15% to 23% this possible extension would occur within the existing planning permission boundary.
- Commencement of the draw down of £75m million in senior debt facilities following Wolf Minerals satisfying all necessary conditions. As at the date of this release 50% of the debt facilities have been drawn.
- The Assay Laboratory contract for the Project was finalised and awarded to SGS. The Power Supply contract for the Project to DONG Energy was awarded in early January 2015.
- Recruitment of key personnel is on track.
Wolf Managing Director, Russell Clark, said:
I am delighted to be able to report on the significant progress we made in the first half of the current financial year and which has continued into the second half. The Hemerdon Project is progressing well and is on schedule for dry commissioning in March 2015 with 100% of the equipment having been delivered and 80% of the structural steel erection complete since the period end. Additionally, we have completed the drilling programme undertaken to assess the opportunity, within the existing planning permission boundary, to steepen the mine walls and thereby increase the reserves and extend the mine life. The Company will report on the results of the drilling programme in due course. Based on the progress we have made so far the Board remains confident of delivering a tungsten producing mine on schedule and on budget.
Click here to read the Wolf Minerals Limited (ASX:WLF) press release
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