Wolf arranges Hemerdon finance
- Publishing Date
- 19 Dec 2011 12:37pm GMT
- Author
- Mining Journal
ASX- and AIM-listed Wolf Minerals Limited has announced the provision of a £55 million (US$85.2 million) debt finance facility for the development of its Hemerdon tin-tungsten project in Devon, southwest England.
The facility has been arranged through UniCredit Bank AG, ING Bank NV and Caterpillar Financial SARL, and values the project at £74 million. It follows the recent completion both of a definitive feasibility study for the project, and Wolf’s listing on AIM, which took place on November 30, 2011.
The company said that credit approval for the facility is expected by February 2012. Managing director Humphrey Hale said that the appointment of the three banks represented a “major milestone” for the company, and a validation of the project’s potential.
Hemerdon has a total measured and indicated resource of 70.92 Mt ore, averaging 0.2% tin, 0.15% tungsten and 0.18% tungsten oxides.
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