W Resources Half-Year Revenue Increase on Rising Production and Prices

W Resources Half-Year Revenue Increase on Rising Production and Prices

W Resources' half-year revenue increased due to the increase in production and prices. "The company's La Parrilla mine has made significant progress, and the plant's recycling rate, production and sales have increased," CEO Michael Masterman highlighted.

The interim results of W Resources confirmed that in the operation of the La Parilla mine in Spain, the company's revenue increased by 95% due to the increase in prices and production.

Revenue reached 1.97 million euros, compared with 1.01 million euros in the same period last year. At the same time, the total output of concentrates increased by 30% to 222.6 tons, of which tungsten concentrates increased by 60%. The tungsten recovery rate of the factory increased from 17% to 40%, an increase of 135%. The utilization rate of the factory increased by 43% to 87%. The total shipment volume of tungsten concentrate is 179.2 tons, and there are also two shipments of tin concentrate.

The company emphasized the significant improvement in tungsten pricing: European prices on September 24 were set at US$312 to US$318, while the price of tin at approximately US$37,525 per ton has also increased in the past nine months.

Chairman Michael Masterman said: "La Parrilla mine has made significant progress. The recycling rate, production and sales of the factory, and the utilization rate of the factory have been improved. This will continue until the second half of 2021 and beyond.

"The development at La Parrilla in the first half of 2021 has established a stronger platform for the rest of this year to build our production run rate and achieve the T2 target of 675 tons of concentrate per quarter."

Masterman pointed out that during the pandemic, the La Parrilla mining area has made real progress during a challenging period. The company reported that the six-month operating loss was 1.34 million euros, and the pre-tax loss was 4.3 million euros, including 1.15 million euros in financial expenses and 1.81 million euros in exchange expenses.

W Resources is establishing a European mining company focused on providing long-term production of tungsten, a key strategic metal with strong market fundamentals.

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