REG - Tungsten West PLC - Mineral Processing Facility Permit Awarded

Tungsten WestAnnouncement

12/06/2024 07:15

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RNS Number : 0518S  Tungsten West PLC  12 June 2024

12 June 2024

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

 

 Awarding of Permit for Mineral Processing Facility

 

Tungsten West (LON:TUN), the mining company focussed on restarting production
at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon,
UK, is pleased to announce that the Environment Agency has granted the Company
a permit to operate its Mineral Processing Facility, within the limits
previously agreed between the Company and the Environment Agency. This is the
last of the key permits required to further progress the Project.

 

The Company continues to make substantial progress on its updated Feasibility
Study ("FS") which is expected to be completed in H2 2024. The main focus of
the FS, which builds upon work undertaken in the two previous studies carried
out by the Company, is on optimising the capital expenditure required to
restart operations and the resultant operating costs. Mining Plus UK Ltd has
been appointed to complete the updated FS.

 

The Company intends to concentrate its efforts on maximising tungsten and tin
recovery through the Mineral Processing Facility with the intention of
targeting 3.5 million tonnes per annum throughput, following a ramp-up period.
Mining operations will be fully-outsourced to Hargreaves (UK) Services under
the terms of the existing Mining Services Contract.

 

The issuing of the permit represents a significant step in progressing
Hemerdon and, alongside the anticipated completion of the FS, is the gateway
for securing further financing for the Project, enabling the Company to
complete the capital raising required to bring the Project into production.
The Company is targeting recommencing mining and processing operations in
2026.

 

Alistair Stobie, CFO and Interim CEO of Tungsten West, said:

 

"The issuing of the permit to operate the Mineral Processing Facility is
another significant step in derisking the recommencement of production at
Hemerdon.  It allows the Company to progress its financing discussions and
fast track its updated Feasibility Study, with the aim of restarting
operations in 2026.

 

"I would like to thank the Environment Agency, as well as our various
employees and consultants, for the significant work required to award this
permit. I would also like to thank our local stakeholders and the community
for working with the Company to help us progress through the consultation
period. The awarding of this permit reflects Tungsten West's commitment to
ensuring that Hemerdon can operate in line with global best practices and
without harm to our local communities or the environment.  We look forward to
continuing our work towards delivering the UK's latest critical minerals mine
at a time when the UK is fully focussed on security of supply of these
materials."

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.

 

Ends

 

For further information, please contact:

 

Enquiries

 Tungsten West                               Strand Hanson

 Alistair Stobie                             (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 1752 278500                    James Spinney / James Dance / Abigail Wennington

                                             Tel: +44 (0) 207 409 3494
 BlytheRay

 (Financial PR)

 Tim Blythe / Megan Ray

 Tel: +44(0) 20 7138 3204

 Email:  tungstenwest@blytheray.com

 Hannam & Partners

 (Broker)

 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tel: +44 (0)20 7907 8500

 

Follow us on X @TungstenWest

 

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