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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According to ‘The Huffington Post’ reports 2 days ago, a Juses lookalike guy, Nathan Grindal, had been asked to leave during tungsten dart championship game.

It was an arrowing experience for Nathan Grindal when more than 4,000 tungsten darts fans decided he looked like Jesus.

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.

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Vital Metals (ASX: VML) is moving closer to the completion of a Definitive Feasibility Study (DFS) for its Watershed tungsten project in Queensland, having received detailed engineering designs. 
The DFS is slated for completion in the March quarter of 2013, with Vital’s end goal being production by 2014.
Mark Strizek, managing director, commented: “The Watershed Definitive Feasibility Study is in the final furlong with tangible results expected to be available in the next quarter as to the project’s value, CAPEX and OPEX.”
Vital will decide on the best configuration for plant based on capital cost and return, which will lead into pit optimisation and financial modelling.
This will then pave the way for the company to provide an update on project value.
Vital has made substantial progress on metallurgy at the project, with whole of ore flotation testwork indicating the potential to significantly improve the economics of the project through an increase in the recovery of scheelite mineralisation.
Lock cycle tests have been able to achieve a concentrate grade of 65% tungsten for a scheelite recovery of 84%.
The addition of whole of ore flotation to the DFS means that Vital is optimising two metallurgical processes with the goal of identifying which one provides the most cost-effective dollar per mtu option with regards to both capital and operating costs.
Given the high grade scheelite concentrate and high metal recoveries being achieved whole of ore flotation is currently Vital’s preferred option.
Vital and farm-in partner Japan Oil, Gas and Metals National Corporation (JOGMEC) have had meetings with five Japanese companies that have declared an interest in the project as potential partners and offtake buyers.
JOGMEC has been a key player in initiating discussions between Vital Metals and interested parties, as it has a mandate to secure supplies of ores and metals for Japanese companies, which is the reason for its involvement in the Watershed Project.
Japan needs a new source of tungsten, with 85% of tungsten coming from China alone.
JOGMEC is earning a 30% stake in the project by funding the Definitive Feasibility Study.
This partnership values Watershed tungsten project at $18 million.
Importantly, the JOGMEC funding has been brought forward from $900,000 to a complete spend of $5.3 million by the end of the March quarter.
Exploration upside

The Watershed Project ranks in the top 10 unexploited tungsten deposits worldwide, outside of China.

Measured, Indicated and Inferred Resources now total 20.6 million tonnes at 0.25% for 50,700 tonnes of tungsten at a 0.1% cut off.
The project has drill ready targets at surface and remains open at depth.
Project approvals are expected to be received in the first half of 2013.Analysis

Vital Metals flies under the radar for now.  Tungsten prices have been under pressure. The completion of the Watershed DFS in early 2013 should spark investor interest in Vital Metals.
A further catalyst for rerating of the company would be the securing of a Japanese partner for Watershed, which is highly possible with JOGMEC on board generating interest in the tungsten project.
Five Japanese companies have already declared their interest in the project as potential partners and offtake buyers.
Vital and its investors will soon have a clear indication of the value of the Watershed Project, which ranks in the top 10 unexploited tungsten deposits worldwide outside of China, through the delivery of the DFS.
The company’s market valuation of $6 million is light when considering the strong partner, discussions already underway with potential partners and offtakers, and a DFS on its way to completion.