Wolf Minerals secures key environmental permit for UK tungsten project
Wolf Minerals (ASX: WLF) has been issued a much anticipated Category A Mining Waste
Facility Environmental Permit for its Hemerdon tungsten and tin project
in Devon, UK.
This key permit is the final major permit required to proceed with development and construction of the project.
Construction of the project is scheduled to begin in January 2014.
Hemerdon
will have a 3 million tonne per annum tungsten and tin mineral
processing plant plus associated infrastructure producing 345,000 mtu’s
of tungsten trioxide in concentrates per annum and approximately 450
tonnes of tin in concentrates per annum.
It has also reached an
offtake agreement for 80% of its tungsten concentrate output with
Wolfram Bergbau und Hutten Ag of Austria and U.S-based Global Tungsten
& Powders Corp.
The Hemerdon Project has a Proven and
Probable Reserve of 26.7 million tonnes at 0.19% W03 (tungsten) and
0.03% Sn (tin). It is the third largest tungsten and tin deposit
globally.
Wolf’s Definitive Feasibility Study had confirmed the
project to be a robust low cost project with a cash cost of just US$105
per mtu.
Capital expenditure has been estimated at £104 million
with NPV at £74 million. The project has an estimated payback of 3.25
years.
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