Tungsten West Advances Hemerdon Mine Restart Amid Financial Challenges

Tungsten West Plc ( (GB:TUN) ) just unveiled an announcement.

Tungsten West Plc has announced its half-year results, highlighting significant progress in its operations aimed at restarting the Hemerdon mine. The company received a permit from the Environment Agency to operate its Mineral Processing Facility, secured engineering partnerships, and is advancing its feasibility study for economic assessment. Despite a reported loss of £13.9 million and low cash reserves, the company raised substantial funds through convertible loan notes and is confident of securing additional funding necessary to resume production, positioning itself as a key player in the tungsten supply chain for European and North American markets.

More about Tungsten West Plc

Tungsten West Plc is a mining company and the 100% owner and operator of the Hemerdon tungsten and tin mine near Plymouth, Devon, UK. Known for being the world’s third-largest tungsten resource, the company focuses on restarting production at this strategic site, which it acquired out of receivership in 2019.

YTD Price Performance: 200%

Average Trading Volume: 347,056

Technical Sentiment Consensus Rating: Hold

Current Market Cap: £7.08M

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