Tungsten resources  has confirmed it has taken ownership of the La Parrilla tungsten mine in southwest Spain.

It has initially put down €900,000 and will make further phased payments of €1.3 million in the third quarter of next year and of €500,000 12 months later.

It’s expected these will be funded from the cash flows from tailings production at La Parrilla.

The decision to move to full title ownership was taken by W following the extension drilling and initial evaluation of the mine and its development potential, it said.

Chairman Michael Masterman added: "La Parrilla will be a major tungsten mine and this decisive step will allow us to proceed with clear confidence and secure title towards development.

“With the tailings project on track to start first production later this year, we look forward to the next development phase of the mine."

Tungsten resources is sitting on one of the largest deposits outside of China. It holds a JORC compliant inferred reserve of 47mln tonnes and almost 40,000 tonnes of contained tungsten metal at a 0.09% grade.

Consultants Golder Associates also identified higher grade zones in the middle of, and adjacent to, the existing historic pit, which will be a focus for exploration going forward, the company said. There was a 0.04% cut-off grade.


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Flight control system

Tungsten alloy weights are usually used to optimize the flight control performance, such as rudder, elevator and ailerons, have a greater advantage than other traditional materials such as steel or lead.

Rotor blades

Helicopter rotor blades require the best balance. Tungsten alloy can be installed in an imbalance in the location of a single leaf in the manufacturing process, such as in helicopter balancer.

Propeller

Tungsten alloy weights can be loaded fail-safe device, in order to avoid the problem of speeding.

Inertial system

Tungsten alloy can be loaded to control the rotation of the gyro flywheel to store kinetic energy. Tungsten alloy used in this gyroscope has two main purposes:

1) To adjust the center of gravity of the triangle.

2) To adjust the beam of the laser oscillation frequency.


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Tungsten Mining has signed a memorandum of understanding (MoU) with a Chinese investment group that would see a number of that company’s clients invest up to A$15-million in Tungsten Mining.

The investment would take place through a share subscription that would be undertaken in three tranches.

The first tranche would consist of some 12.5-million shares to raise A$2.5-million, by the end of September. The second tranche, which would have an equal number of shares, would be issued by the end of October.

The third tranche, which would consist of some 30.3-million shares, and would raise A$10-million, would be issued by May next year.

Tungsten Mining said on Monday that subject to the A$15-million raising, the MoU also provided for a definitive offtake agreement under which the investors would be entitled to acquire 50% of the Kilba project’s tungsten concentrate production, at a discount to the prevailing market price.

Tungsten MD Paul Berndt said that both the offtake and subscription agreement were subject to due diligence, as well as shareholder and regulatory approval.

“This backing will ensure that we can accelerate the definitive feasibility study of our Kilba project, and will firmly set the company on a trajectory towards developing its first tungsten mine,” Berndt said.

A recently completed scoping study into the Kilba project indicated that a 1.1-million-tonne-a-year operation could be developed for a capital investment of some A$56-million. The project, which would have an initial mine life of seven years, would deliver some 154 000 t/y of tungsten.


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Mitsubishi Materials Corp. reported an increase of 16% in consolidated group net sales for the first quarter of its new financial year (2013/2014) ended June 30 to Yen 423 billion ($4.4 billion). There were reported increases in sales for cemented carbide tools as a direct result of the depreciation of the Yen, but sales of PM parts decreased due to the end of eco-car government subsidies in Japan.

This is largely due to the 13.5% rise in cement sales and a 13.8% rise in sales of the metals division. MMCs ‘Advanced Materials & Tools’ division, which includes Diamet Corp, Mitsubishi Materials Tools Co., Ltd. and MMC Superalloy Corp, continued in negative territory in the quarter with a 1.7% decrease in sales to Yen 36 billion ($369 million). However, operating profit for the Advanced Materials & Tools division increased by 15.1%.  Anyway, sales for cemented carbide were increased as a result of this depreciation.


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