Wolf Minerals Limited
Wolf Minerals Limited
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The UK subsidiary of Australian-based specialty metals miner Wolf Minerals has been wound up on the order of the UK High Court of Justice after the parent company fell into administration last week.
The order was issued under the UK Insolvency Act.
Ferrier Hodgson executives Martin Jones and Ryan Eagle were appointed voluntary administrators of the parent company.
Three years after beginning production at its Hemerdon tungsten and tin mine in SW England, failure to reach agreement with its key financial stakeholders has forced specialty metals miner Wolf Minerals to cease trading and appoint voluntary administrators Martin Jones and Ryan Eagle of Ferrier Hodgson.
The Australian-based company says its inability to negotiate longer-term funding solutions means it cannot meet its short-term working capital requirements.
Australian-based specialty metals producer Wolf Minerals has just two days to complete negotiations with its existing senior lenders on longer-term funding solutions for its struggling Hemerdon tungsten-tin mine in SW England.
Wolf says it expects to complete discussions this week on funding it needs for further production improvements before a debt standstill agreement expires on Oct 28.
Specialty metals producer Wolf has recovered from the big freeze in the March qtr, lifting June qtr (Q4FY18) production from its Drakelands openpit mine at the Hemerdon project in Devon, SW England to 42,314mtu tungsten and 70t tin, from 34,602t tungsten and 81t tin in the March qtr.
MD Richard Lucas says Wolf is accelerating an operating plan to enhance tungsten recovery and improve operating cashflows in the current strong tungsten market conditions.
Late March storms have slowed Wolf Minerals' progress at the Drakelands openpit mine in SW England, limiting March qtr (Q3FY18) production to 34,602mtu tungsten and 81t tin (Q2: 43,498mtu W and 124t Sn).
MD Richard Lucas says Wolf has used the interruption to restructure financing and prepare its infrastructure for its expected transition to consistently harder granite ore feed in the second half of 2018.
(TUNGSTEN) Despite late March storms that temporarily slowed its progress at the Hemerdon mine in SW England, Wolf Minerals remains the leader of an emerging trend to target ancient mines for tungsten, tin and other metals to feed EV, electronics and renewable energy sectors.
Australian-based companies Wolf Minerals and GR Engineering have reached settlement of their dispute over low frequency noise issues hampering operations of the processing facility at Wolf's Hemerden tungsten and tin project in England.
GRES, which designed and built the plant, says it will contribute to the costs of installing building cladding on the plant.
Details have not been disclosed, but it expects to record a non-cash impairment of about $A6.5M.
Wolf Minerals posted a net consolidated after-tax loss of $A35.4M for the Dec half (H1FY18), compared to its $37.7M loss a year earlier, as it continues to work on a turnaround at its Drakelands mine at the Hemerdon tungsten and tin project in Devon, England.
The result came despite higher revenue of $23.1M ($10.9M) on higher production and sales with tungsten prices improving to $US319/mtu.
The Australian-based company ended the period with a working capital deficit of $16.6M ($73M).
Specialty metals producer Wolf Minerals has posted a 22% increase in Dec qtr (Q2FY18) production as it completes the implementation of turnaround plan activities in its Drakelands openpit mine at the Hemerdon tungsten and tin project in Devon, England.
Tungsten output grew for the third successive period to 43,498mtu (Q1: 35,601mtu), accompanied by tin production of 124t (49t).
Interim MD Richard Lucas says plant optimisation work is continuing in a stable operating environment amid surging tungsten prices.
Western Australia-based Wolf Minerals has lifted its existing bridge facility to fund the current operating turnaround plan for its Drakelands Tungsten Mine, at Hemerdon in SW England, from £45M to £55M.
Funds already advanced have been used to complete the primary DMS circuit, increasing refinery throughput/availability scheduled for conclusion next month and lifting the grade of pre-concentrate presented to the refinery.
The facility is with Resource Capital Fund VI LP.