Tungsten West plc raised £1.8 million from the £6.95m convertible loan notes earlier this year for the Hemerdon mine in Devon as it considers selling some of its assets.
PROGRESS
The proceeds of tranche C will support progress of the permitting process, updating the feasibility study and associated financing.
The company also expects to need in early Q1 2024 further funding via an additional tranche D under the existing CLNs, or other instrument, to complete the feasibility study and its main financing round.
Tungsten West said it was also exploring the sale of “certain assets” over which the CLN holders have released their security.
The company and the Environment Agency continue to work on “significantly” reducing the low frequency noise from the mineral processing facility, with the the decision on a draft permit due in the new year.
Once received, a revised feasibility study will be completed before a financing round during the second half of 2024, to allow the restart of tin-tungsten production.
The company envisages mining operations to restart during H2 2025.
AGGREGATES
On 6 December 2023, Devon County Council approved the company’s application to vary the tonnage cap for the existing permission of 50 truck movements per day from the site to sell secondary aggregates.
Tungsten West added that test work had shown the secondary aggregate products to be “superior, in several applications, to other materials available locally”.