Wolf Minerals reports increased sales and Tungsten concentrate production

Metals producer Wolf Minerals reported that Tungsten concentrate production and sales were up by 15% over the three-month period to 30 September 2017, at the company's Hemerdon tungsten and tin project in Devon, southwest England.

Wolf also reported that the price of Tungsten reached a three-year high in September of $310 per mtu in Europe before stabilising in October.

In parallel, it had obtained further funding support from Resource Capital Fund VI L.P, which increased the size of its bridge facility to a total of £55m.

The first phase of processing plant improvements was also successful, the company added, delivering increases in performance.

Commenting on the company's recent performance, Wolf's interim Managing Director, Richard Lucas said: "The September Quarter has been a very encouraging one. Our operating turnaround plan continues to build momentum and deliver benefits across the business, with production and sales both up 15% for the quarter and system improvements achieved in maintenance and supply chain. We are on track to address our remaining operational challenges and achieve a sustainable production platform upon which to pursue further optimisation and value adding initiatives.

"Managing our operations successfully also involves continuous investment in the relationships with our local communities, including reductions in low frequency noise emissions. We are committed to achieving a solution and are taking appropriate action to ensure a positive outcome and return to normal operating arrangements."