The tin, gold, and tungsten miner - W Resources PLC has announced the delisting of its shares from AIM trading and said it will seek to re-list on a stock exchange in the future if circumstances permit.
W Resources' shares are trading on a suspended basis due to the high price of liquid natural gas placing an excessive cost burden on the La Parrilla mine in Spain, coupled with a number of disputes causing shortages of key components and creating uncertainty.
Late last month, the firm announced that Grant Thornton had resigned as its designated adviser with immediate effect. Under AIM's rules, the firm's transactions are cancelled within one month of the firm no longer having a designated advisor.
W Resources' strategy is to build a European mining company focused on providing long-term production of tungsten, a key strategic metal with strong market fundamentals.
W Resources' flagship project is the La Parrilla tungsten tin mine in Spain, one of the world's largest tungsten mines, which was funded by BlackRock and began production in November 2019. It was converted to a 24-hour operation in late December 2019. Production of tungsten and tin will increase significantly throughout the 2020 ramp-up phase, with 2 metric tons per year of raw ore mined and approximately 2,700 tons per year of tungsten concentrate, and 500 tons per year of tin concentrate produced.
La Parrilla is a large-scale, low-cost, long-life tungsten and tin mine. The project of the tungsten miner meets the Australian Joint Ore Reserves Committee (JORC) resource total of 49 million tonnes grading 998 ppm tungsten trioxide and the JORC compliant reserve of 29.8 million tonnes grading 931 ppm tungsten trioxide diluted. The mine is located close to the highway and is supplied with water and electricity, in addition to being within a short trucking distance of both Atlantic and Mediterranean ports.
