Announcement Date: 2023-01-16
Announcement Type: Feasibility Study
Announcement Code: (other Code)
Company name: Tungsten West Plc
Project name: Hemerdon
Location: United Kingdom
Commodities: Tin,Tungsten
Highlight: Feasibility Study result incl. Post Tax NPV (5%) of USD $366.2M & IRR of 25%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Tungsten West plc (LON: TUN), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine (“Hemerdon” or the “Project”) in Devon, UK, is pleased to release the summary of results from its updated and independently reviewed Feasibility Study (“FS”) covering recommencement of operations at Hemerdon, demonstrating a robust and economically viable case for the mine. As of 1 st October 2022, the remaining Project CAPEX, including EPCM fees, is estimated at £31.1 million (excluding contingency.) Pre-operating costs (which include spares inventory, staff overheads, G&A and mining services to prepare the site) are estimated at £19.4 million. Other corporate commitments, including environmental bond payments, and opportunistic land purchases are estimated at £4.4 million, with a further £6 million of deferred consideration for project acquisition included in the forecast cashflow. In total pre-production expenditure is estimated at £54.9 million. The Company forecasts that the first two years of production will involve a ramp-up in throughput to allow for ongoing process improvements in the initial phase of production. This results in forecast throughput production of 2.0 Mtpa (Year 1), 2.7 Mtpa (Year 2) and 3.5 Mtpa
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