GWR Group Divests Hatches Creek Stake for Shares

Tungsten Mining NL (AU:TGN) has released an update.

GWR Group Limited is set to sell its 80% stake in the Hatches Creek Tungsten Project to joint venture partner Tungsten Mining NL. The deal will see GWR receive 107.5 million shares in Tungsten Mining, increasing GWR’s voting power in the company to about 19.86%, and will allow GWR to concentrate on its Prospect Ridge Magnesium Project and other strategic initiatives. The transaction is contingent on Ministerial consent, with GWR shareholders maintaining economic exposure to the Hatches Creek Project through the shareholding in Tungsten Mining.

For further insights into AU:TGN stock, check out TipRanks’ Stock Analysis page.