Wolf Minerals (ASX:WLF) awarded a £75 million engineering contract to GR Engineering Services Limited for for the design, construction and commissioning of a 3Mtpa tungsten and tin mineral processing plant plus associated infrastructure at the Hemerdon Tungsten and Tin Project. A formal commencement date on the project work under the contract will be given by the Company to GR Engineering upon satisfaction of the conditions precedent which form part of the financing arrangements for the project.
As quoted in the press release:
The EPC contract with GR Engineering compares very well with the Definitive Feasibility Study (DFS) estimate announced in May 2011, which allowed £77 million (A$114 million1) for the contract scope.
The Contract term is 24 months from the commencement date.