Wolf Minerals a 'buy' - Analyst

Shares in Wolf Minerals(WLFE) rose over 11% on Wednesday after it awarded a £75 million contract to Australia-based GR Engineering Services for the Hemerdon tungsten and tin project in the UK.

The fixed-price, fixed-term engineer procure construct (EPC) contract is for the design, construction and commissioning of a three million tonne-per-annum tungsten and tin mineral-processing plant, plus associated infrastructure, which will form "the key component" of the Hemerdon project.

The contract price is less than the £77 million estimated in a May 2011 definitive feasibility study. The contract forms the bulk of the development costs, estimated to be about £104 million, with land purchases, owners' costs and contingencies making up the balance.

Work on the two-year construction will commence upon satisfaction of the conditions precedent to financing.

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