Tungsten West plc recorded a loss of £5.1 million and increased spending to £6.4m during the first half of 2022 at its Hemerdon tin-tungsten project near Plymouth in Devon. EXPECTATIONS The group’s H1 results for the six months ended 30 September 2022 were marked by the departure of co-founder and chief executive Max Denning and […]
Tag: tin – tungsten Hemerdon mine – Devon
Tungsten West chairman Robert Ashley retires
Tungsten West plc chairman Robert Ashley has retired with immediate effect. He is replaced by David Cather. Mr Ashley joined the company in September 2021 and led it through its initial public offering. “On behalf of the board and the company, I would like to thank Rob for his considerable efforts in our journey to […]
Tungsten West remaining capex below forecast
Tungsten West plc said that the estimated remaining capital expenditure of £31.5 million was “significantly below” the previous forecast for restarting production at the Hemerdon tin-tungsten mine in Devon. BUDGET The company added that the figure, which excludes a 20% contingency of £6.3m, is less than that projected when the company paused the project in […]
Tungsten West grants 2.8m share options
Tungsten West plc has granted directors and employees a total of 2,799,982 options over ordinary shares of £0.01 each in the company. PDMRs Recipients include the chief financial officer, managing director, executive vice chairman and other employees pursuant to the company share option plan (2022 CSOP) and employee share option plan (2022 ESOP). The options […]
Tungsten West needs further funds for revised mine plan
Tungsten West plc is in discussions for additional funds after its revised plans failed to meet the $49 million loan terms from Orion Resource Partners for the Hemerdon tin-tungsten mine in Devon. FINANCES In its audited results for the year ended 31 March 2022, the company said that the agreed financing package through a royalty […]
Tungsten West co-founder and CEO Max Denning leaves
Tungsten West plc said that chief executive officer Max Denning will leave his role and the board with immediate effect. The company added that executive vice-chairman and co-founder Mark Thompson had assumed the responsibilities of CEO. Mr Thompson previously held senior management positions at commodity trader Trafigura and its investment division Galena Asset Management, global […]