W Resources is building a European mining company focused on delivering long term production of tungsten, a key strategic metal with strong market fundamentals.
With five projects in Spain and Portugal, W has three tungsten projects: La Parrilla in Spain, Régua and Tarouca in Portugal; the CAA Portalegre gold/copper project in Portugal and the Monforte-Tinoca copper project in Portugal.
In February 2018 W completed a US$35m financing with BlackRock and in March it was awarded a grant of €5.3m by the Junta de Extremadura Government to fund development at La Parrilla where production has now commenced and will ramp up in Q1 2019 at one of Europe’s largest tungsten mines.
Michael Masterman – Chairman
Michael is co-founder of W Resources Plc and has an exceptional track record in establishing and financing resources companies. In 2010, Michael took on an Executive role with Fortescue Metals Groups overseeing the FMG Iron Bridge iron ore company and completed the US$1.15bn sale of a 31% interest in the project to Formosa Plastics Group. He was CFO and Director of Anaconda Nickel. Michael oversaw the financing of the US$1.2 billion Murrin Murrin Nickel and Cobalt project in Western Australia, involving the negotiation of a US$220m joint venture agreement with Glencore International and the raising of US$420m in project finance. Prior to this he spent 8 years at McKinsey & Company.
What is your rationale for attending 121 Mining Investment?
W Resources started 2018 strongly with the completion of a US$35m financing with BlackRock in February and a €5.3m grant from the Junta de Extremadura Government to develop the La Parrilla Tungsten Project, where production will commence at one of Europe’s largest tungsten mines in 2019.
With low capital costs and operating costs and a second tungsten project at Régua in Portugal following it into production in late 2019, W is looking to strengthen its investor base and build institutional support for the company as it transitions to a mid cap tungsten and tin producer.
What recent news would you like to highlight to investors attending?
Sept ’18 – Appointment of Madrid based Non- Exec Directors: Mr Pablo Neira and Mr James Argalas
Sept ’18 – Appointment of Rio Tinto and Lundin Mining Executives to La Parrilla management team
20 Nov – La Parrilla Commences Tungsten & Tin Production
3 Dec – First Tungsten Export Shipment from the La Parrilla Mine
10 Dec – Mechanical Completion of the La Parrilla Crusher Plant
What are your key goals for the next 3, 6 and 12 months?
Increase production rates at La Parrilla as part of development programme. Finalise FID Report on Regua