Wolf Minerals secures funding for UK Hemerdon mine

Mining company Wolf Minerals said it has secured funding to begin production on its Hemerdon tungsten and tin project in the UK.

Mining company Wolf Minerals said it has secured funding to begin production on its Hemerdon tungsten and tin project in the UK.

The group - which was formed in Sydney, Australia - received AU$212m to start development and construction of the mine in Devon.

"It goes without saying that, against the backdrop of challenging conditions, the achievement of this funding package is a major milestone for the company and one that we are delighted to have achieved," the firm said in a statement.

Advertisement - Article continues below

Funding was derived from a AU$20.3m placement of shares, US$82m from Resource Capital Fund and a credit approval for £75m senior debt backing from UniCredit Bank AG, ING Bank N.V. and Caterpillar Financial SARL.

Key environmental approvals have also been granted to allow works to begin on the project.

The announcement comes after Wolf Minerals moved into a new UK head office at the Tamar Science Park in Plymouth, placing it in close proximity to the project.

Wolf anticipated the project will generate 230 direct jobs and more indirect jobs when in full production, injecting millions of pounds into the local economy.

Shares fell 1.80% to 20.50p at 10:11 Friday.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020