Hazelwood Resources is closer to commissioning Vietnam ferrotungsten plant

Collected by Chinatungsten Online-Hazelwood Resources (ASX: HAZ) expects to start in February 2013 hot commissioning of its ATC Ferrotungsten Project in Vietnam.
First saleable product is expected in the March quarter of 2013.

The company has passed the necessary operating resolutions and is now using funds raised from the recent Entitlement Issue and Shortfall Offer, which is still in progress, to procure first fill inventory items.

These include tungsten concentrate for feedstock, ferrotungsten metal liner, ferrosilicon, coke, scrap iron and electrode paste.

Recruitment of production workers from the local catchment area has also commenced.

Ferrotungsten prices, which are a typical seasonal low, are still trading at levels around the long term average premium relative to tungsten concentrate.

This is projected to provide positive operating margins, even during the hot commissioning and ramp-up phase. 

Ferrotungsten from ATC will be sold under an Agency Agreement with Wogen Resources, who are also providing sales finance on each consignment. 

The ATC Ferrotungsten Project is the largest capacity plant outside of China and its design is believed to be the most advanced in the world. Ferrotungsten is used in the production of high speed steels, tool steels and temperature resistant alloys.

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