Tungsten West plc today started trading as a public listed company on the London Stock Exchange AIM market for its tungsten-tin project at Hemerdon in Devon.
FUNDING
Admission follows the company’s £39 million fundraise from the offer of 65 million new shares at 60 pence per share.
Tungsten West has also received £36m ($49m) from a fund managed by Orion Resource Partners, allowing the miner to start commercial production.
Orion also invests in Canadian miner Dalradian Gold Inc which plans a £750m gold-silver-copper mine in County Tyrone, Northern Ireland.
Tungsten West’s chief executive Max Denning said that the company was moving into the final stages of development of Hemerdon.
“The Hemerdon mine is the third largest tungsten resource in the world and will be producing strategically important materials that are vital for the manufacturing of new technology, including those that will aid the UK in its net-zero goals.
“It is for this reason that the mine represents a hugely strategic project for the UK and the Western Hemisphere.”
The company currently has 177,071,571 ordinary shares in issue of which 55.91% is not in public hands.