Currently viewing Global edition

W Resources gets €3M loan

W Resources has secured a €3 million (US$3.4 million) loan from Spain's Caja Rural de Extremadura, giving it a funding advance against the €5.3 million grant awarded by the Junta de Extremadura Government and due for receipt by the end of the year.
W Resources gets €3M loan W Resources gets €3M loan W Resources gets €3M loan W Resources gets €3M loan W Resources gets €3M loan

W Resources' jig and mill plant at La Parilla

Staff reporter

"The loan provides a solid reserve of working capital at this pivotal point of development as the company advances the ramp-up of the T2 phase of the La Parrilla mine to design capacity," W Resources said.
 
The €5.3 million grant announced in March last year is about 32% of the company's €16.6 million plant and facilities package for La Parrilla, with W Resources also 
securing a US$35 million loan from BlackRock. La Parrilla is planned to be the largest tungsten mine in Europe.
 
W Resources'current focus is on commissioning the site's jig and mill, and finishing the concentrator.
 
W Resources' shares (AIM:WRES) are trading around 0.45p (US0.58c), down from 0.54p at the start of the year.