Wolf Minerals Shares Rise as It Names Engineer for Hemerdon Tungsten Project

The £75 million engineering, procurement and construction contract will see GR Engineering develop and ultimately commission the 3 million-tonne-per-annum tungsten and tin processing plant in Devon

Shares in Wolf Minerals (LON:WLFE) jumped 11% in morning trade after it named GR Engineering as the firm which will develop the Hemerdon tungsten project in southwest England.

The £75 million engineering, procurement and construction contract will see GR Engineering develop and ultimately commission the 3 million-tonne-per-annum tungsten and tin processing plant in Devon.

The deal compares favourably with the estimate in the definitive feasibility study (DFS) estimate announced in May 2011, which allowed £77 million for the contract.

The term of the contract is two years, the firm said.

Wolf managing director Humphrey Hale said the company was very pleased to continue working with GR Engineering as it had established a good working relationship over the past three years.

"This is a major achievement for the project team as the EPC contract was tendered to the market and this result is in line with the Definitive Feasibility Study estimate announced in May 2011."Shares were lifted 11.11% to stand at 22.50p.

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