Core tips: tungsten prices maintain in China mainland, but individual products show ease evidence. Under this circumstance, tungsten manufacturers are still not willing to reduce their quotation.

The situation of tungsten market is that domestic tungsten prices keep stable constantly, but individual products show ease evidence and tungsten manufacturers are still not willing to reduce their quotation. As to tungsten ore market, both demand and found restrict the development of prices. Ferrotungsten quotation falls into chaos that some of ferrotungsten prices could reach over ￥185,000.00. Tungsten carbide powder market begins to concentrate on mainstream prices without the support of real transaction volume.

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Collected by Chinatungsten Online- Dual-listed Wolf Minerals has secured an $82-million funding package to further develop its Hemerdon tungsten and tin project, in South West England.

The funding package with Resource Capital Fund (RCF) would comprise a $75-million, 12-month secured bridge finance facility, and a $7-million consideration for the purchase of a 2% royalty on gross revenues from all metals and minerals produced at the Hemerdon project.

The amount of the drawdown available under the terms of the bridge facility would initially be limited to $40-million, until Wolf has received all the material permits, licences and approvals necessary to start construction and operation at the Hemerdon project.

The further $35-million would be available upon obtaining the required permits.

“We are delighted to secure this funding package with RFC to further progress the Hemerdon project,” said Wolf MD Humphrey Hale.

Hale said on Friday that the initial $40-million would be used to purchase the properties required under the Hemerdon project’s planning permission, design engineering, procurement, owner’s development costs and general working capital.

The bridge facility and royalty would be subject to the completion of relevant documentation and the satisfaction of typical conditions precedent, which included executing offtake and senior debt facility agreements, as well as shareholder approval.

In addition, the bridge facility would also be subject to Wolf raising A$20-million in equity. The company said on Friday that it was in advanced negotiations with a strategic investor to achieve this requirement.

The Hemerdon project has a total mineral resource of some 401-million tons, grading 0.13% tungsten, as well as an estimated reserve of 26.7-million tons, grading 0.19% tungsten.

The redevelopment of the Hemerdon mine was expected to be completed by 2013, pending approvals, and the project would become one of the world’s largest high-margin suppliers.

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A bankable feasibility study (BFS) on explorer Venture Minerals' Mount Lindsay tin/tungsten project has predicted that the project could generate more than A$550-million in net revenue, peaking at some A$110-million a year.

MD Hamish Halliday said on Wednesday that the BFS emphasised the potential of the project, in particular its longevity, with mine life estimated at around nine years.

“Importantly, the BFS excludes the existing, near production direct shipping ore assets and the considerable exploration upside that surrounds Mount Lindsay," Halliday said.

“With the project expected to deliver strong cash flow over a significant mine life, the development of Mount Lindsay will transform Venture into a prominent world producer of tin and tungsten, delivering returns to shareholders and benefiting stakeholders of the project alike, particularly those in the north-west community of Tasmania.”

The tungsten/tin project was expected to require a capital investment of some A$198-million, including a 35% plant capacity upgrade to 1.75-million tons a year. The BFS predicted that the project had a net present value of A$143-million, with a payback period of four years.

The Mount Lindsay project was estimated to host some 14-million tons of resource, at 0.2% tin and 0.1% tungsten, for 30 000 t of contained tin and 46 000 t of contained tin/tungsten metal.

Halliday said that with the BFS now completed, Venture would focus on the approval process, as well as offtake and financing strategies, for Mount Lindsay.

In addition, the company would also accelerate exploration efforts at the new Big Wilson prospect, where Venture had recently contracted a second rig to start work during the coming week.

Colleted by Chinatungsten Online-The initial focus of aspirant multi-commodity natural resource asset developer Premier African Minerals, which this week raised £1.5-million on admission to the London’s Alternative Investment Market (Aim), is tungsten and rare-earth-elements exploration work in Zimbabwe.

The £6.7-million-market-cap company, which also has mineral projects in West Africa, intends operating as an explorer with a difference.

"We will not operate as a traditional junior exploration company,” says Premier African Minerals CEO George Roach, a former UraMin luminary.

Since 2007, the company has been establishing a diversified portfolio of in-demand commodities that have a potential to be fast-tracked into mines.

Premier African Minerals says that it will use the funds raised from the placing of 75-million shares at 2p a share to assist in the funding of project development activities, with the initial focus being on continuing exploration work at the former operating RHA tungsten mine and the Katet rare-earth-elements project, both in Zimbabwe.

Former Falconbridge geologist Bruce Cumming is technical director and Pamela Hueston is finance director.

The company is intent on acquiring RHA-like assets that have the benefits of historical exploration, reduced geological risk and the potential for rapid advancement.

Shore Capital Stockbrokers Limited is broker to the company and Cairn Financial Advisers its nominated adviser.

The company’s flexible approach to value creation embraces strategic joint ventures, disposals, development of projects to production by the group itself, or spin-offs to new entities.

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
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