13 Oct UK-focused critical minerals miner to list on AIM next week
Tungsten West PLC has announced plans to list on London’s Alternative Investment Market (AIM) on October 21 as part of its goal of restarting production at the world-class Hemerdon tungsten-tin deposit in the UK’s Southwest.
Earlier this week, the company said it has conditionally raised £39 million before expenses from the offer of 65 million new shares at an offer price of 60 pence per share.
The net proceeds of the offer, together with the £36 million project financing from a fund managed by Orion Resource Partners, means Tungsten is fully funded to bring the Hemerdon mine back into commercial production.
The mine requires £44.6 million to be spent on improvement works to bring it back into production, although the rebuild is only expected to take 12 months as parts of the restart project are already underway.
The company purchased the mine – the world’s third-largest tungsten resource – in 2019 from receivership and has completed a bankable feasibility study, demonstrating a reserve of about 63.3 million tonnes at 0.18% tungsten and 0.03% tin as well as 37.4 million tonnes of saleable aggregate material.
“In addition to being exciting for the UK mining sector to have a project that is in the advanced stages of development, the mine 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,” said chief executive Max Denning.