Wolf Minerals narrows first half losses

24th Feb 2014 09:03

AIM-listed miner Wolf Minerals narrowed its first half losses as it continued to develop its flagship tungsten and tin project in Devon, England. First half losses fell to $1.3m, from a loss of $2.5m last time on revenue of $23,305, down from $41,850. The result included a $1.2m foreign exchange gain, versus a loss of $3,457 a year ago.The dual-listed group's key Hemerdon tungsten and tin project is located near Plymouth in Devon County, southwest of the UK. Wolf has identified the Hemerdon project as a potential major new source of tungsten supply for global manufacturing and industry. The company acquired Hemerdon in December 2007 and successfully completed a definitive feasibility study for the project in 2011. Key achievements over the first half with Hemerdon include the award of a £85m mining services contract for the project to CA Blackwell (Contracts) Limited. A Class 'A' mining environmental waste permit for the project was secured over the period. The company also completed the acquisition of properties required for the development of the project. In early morning trade Wolf Minerals shares were ahead 1.6% or 0.38p to 23.63p, valuing the company at £46.7m.