Wolf Minerals Limited (ASX:WLF) announced updates on the Hemerdon Tungsten and Tin Project. Highlights include commencement of development on the Project, and completion of binding off-take agreements.
As quoted in the press release:
In May Wolf completed details of a major funding package for the development of the Hemerdon project, totaling A$192 million. Documentation was finalised for the £75 million (~A$113 million) senior debt component of the project finance and a US$82 million (A$79 million) funding package provided by Resource Capital Funds.\
Together, these funds form the bulk of the total ~A$212 million in funding arrangements that are now in place for the development of the Hemerdon project. TTI (NZ) Limited recently invested A$20.3 million in Wolf via an equity placement.
The Company has also made significant progress on other key activities required for the development of the Hemerdon project. These include:
- Hemerdon Mining Contract shortlisted following the recent award of the project’s EPC Contract. Wolf has shortlisted a number of groups for the Mining Contract for Hemerdon and hopes to be in a position to announce the contract award shortly.
- Archeological work at the Hemerdon site is being carried out in line with a pre-approved plan agreed with the Devon County Council and English Heritage. This has been designed so that clearance can be given for operational areas ahead of development. No material issues have been uncovered to date and progress is proceeding to schedule.
- Senior management personnel appointed. An Environmental Manager for the Hemerdon Project was recently appointed, and in the short term Wolf is also seeking to appoint a Mine Manager for the project. Further additions to the management team will be made as the project is developed.