Main backer to support Wolf Minerals with £10 mln

The Drakelands Mine at the Hemerdon Tungsten and Tin Project has one of the Western worlds largest tungsten and tin resources and provides a secure supply of tungsten for a global customer base. Photo: Wolf Minerals

Plymouth-based tungsten miner Wolf Minerals (LON:WLFE) has received a further £10mln in bridge loan finance from its main backer Resource Capital.

 An existing bridge loan facility will rise to £40mln from £30mln to give the company time to get the mine at Hemerdon in Devon working at optimal levels.

Wolf has been dogged with processing plant problems ever since the mine was commissioned over 18 months ago and has been hit recently by more reliability and performance issues it said today.

Tungsten prices have also barely budged over the past year even though the metal remains in short supply. Wolf Minerals is an ASX (WLF) and AIM (WLFE) listed specialty metals producer from its operations at Drakelands, a major global tungsten mine  in the United Kingdom's Southwest.

Wolf is led by an experienced management team of British and Australian mining professionals and more than 200 people are permanently employed on site.

The tungsten produced by Wolf is critical  to a range of industrial, mining and agricultural applications and key uses are in cemented carbides, steel alloys, metal products, lighting, drill bits and jewellery.

Source: Proactiveinvestors