W Resources unearths contractor for Spanish tungsten project

W Resources on Friday signed a mining contract with General de Maquinaria y Excavación (GME) for its La Parrilla tungsten and tin project in Spain.

Following the formal signing of the contract with mining services company GME, a mining fleet is now in place at the project that includes three 60-tonne haul trucks, a Liebherr excavator and other auxiliary equipment on site, which will be gradually scaled-up in response to the demand as ramp-up progresses.

AIM traded W Resources said Development at La Parrilla is progressing well and project construction completion remains in line with guidance for completion of the concentrator plant in June.

Michael Masterman, chairman of W Resources, said: "Importantly, the contract is in line with our final investment decision report, which further underpins our confidence of achieving the low operating costs we have outlined. The project remains within budget and we look forward to ramp-up to T2 of the project which will deliver significant earnings starting in 2019."

W Resources' shares were up 2.02% at 0.45p at 1201 BST.