Wolf reports "significant progress" on Hemerdon project
Wolf Minerals, the Australian group behind the tungsten and tin mine project in Hemerdon, near Plymouth, has hailed another "highly successful" quarter and revealed that good weather conditions have contributed to "significant progress" on the construction of the mine.
During the three months to 30 September 2014, Wolf Minerals also commenced the drawdown of £75m in senior debt facilities, which it described as a "major milestone" for the project.
It reported development expenditure of AUD.7m (£33.7m) for the quarter.
"This has been another highly successful quarter for Wolf," said managing director Russell Clark.
"Completing the necessary conditions to commence draw down of the senior debt finance facilities was a major milestone and our ability to meet all the conditions, and continue to advance the development of the project, is a testament to the Company and the strength of our management team.
"Construction activity at Hemerdon remains on track and excellent weather conditions have continued into the autumn months in the UK, contributing to significant progress being made. We continue to forecast an on time, on budget delivery of the project."
A total of 35 employees now work directly for Wolf Minerals (UK), with more than 300 staff working at the Hemerdon site. The first concentrate from the mine is expected to be delivered in the third quarter of 2015.
Clark added: "The next key steps will be completing the erection of structural steel and buildings at site, the commencement of electrical installations as well as the continued installation of the processing plant equipment and the construction of the mine waste facility and associated infrastructure. We look forward to reporting further updates on construction progress in due course."