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GR ENGINEERING SERVICES LIMITED — Capital/Financing Update 2014
Feb 10, 2014
65003_rns_2014-02-10_9540ef8d-ed44-46c9-9850-7b367aec5e67.pdf
Capital/Financing Update
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ASX Announcement
ASX Code: WLF
11 February 2014
Tel: +61 8 6364 3776
Level 1, 350 Hay Street, PO Box 935, Western Australia, 6008
Wolf Minerals Limited ASX: WLF AIM: WLFE
Wolf Minerals to commence construction at www.wolfminerals.com.au Hemerdon Tungsten Project
Capital Structure 198.0M ordinary shares 7.1M unlisted options
Construction phase of £75M EPC Contract to commence
Mkt Cap @ 41.5c: ~A$82.2M Mkt Cap @ 23p: ~£45.5M
Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf, the Company) is pleased to announce that it has authorised the EPC contractor, GR Engineering Services Limited (ASX: GNG) (GRES), to commence construction of its world class Hemerdon tungsten and tin project in the southwest of England.
Board of Directors
John Hopkins Non-Executive Chairman
Russell Clark Managing Director
This represents another key milestone in the development of the Hemerdon project, and sets the project on a definitive timeline for construction, commissioning and first production, which is scheduled for mid-2015.
Ronnie Beevor Non-Executive Director
Nick Clarke Non-Executive Director
GRES was awarded the fixed price (£75 million), fixed term EPC contract for the design, construction and commissioning of the 3 million tonnes per annum (“Mtpa”) tungsten and tin mineral processing plant plus associated infrastructure in June 2013 (see ASX announcement 12 June 2013). The contract term is 24 months.
Chris Corbett Non-Executive Director
Don Newport Non-Executive Director
Michael Wolley Non-Executive Director
GRES has conducted detailed design of the plant and facilities, as well as procurement of key pieces of equipment, and is now ready to commence construction on the site.
Richard Lucas Company Secretary
The commencement of construction follows the finalisation of the purchase of requisite residential properties around the project site required by the project’s planning permission, the issuance of the environmental permit required for the mining waste facility, and the signing of the 40 year lease with the project’s landowners.
Contact: www.wolfminerals.com.au
Russell Clark Managing Director Wolf Minerals Ltd. 22 Railway Road Subiaco WA 6008 Ph: +61 (0) 8 6364 3776 E: [email protected]
The Company also advises that, in addition to having its project operations management team in place, it now has its Project Manager, Rupert McCracken, and Construction Manager, Dave Henderson, resident in the UK.
James Moses Media & Investor Relations Ph: +61 (0) 420 991 574 E: [email protected]
Wolf Minerals’ Managing Director, Russell Clark, said:
Graham Herring
Threadneedle Communications Ph: +44 (0)20 7653 9855 [email protected]
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ASX Announcement
ASX Code: WLF
11 February 2014
Tel: +61 8 6364 3776 E: [email protected]
Level 1, 350 Hay Street, PO Box 935, Western Australia, 6008 “We have been focused on achieving the ke www.wolfminerals.com.au y milestones required to allow construction to commence at the Hemerdon project, and are delighted that these are now all in place and construction can commence. The Wolf management team is established at its UK base and GRES is mobilising and will commence construction in the very near future. This is a very exciting time in the company’s development and provides visible proof to the market that the project will be built and that Wolf will be the next significant producer of tungsten concentrate globally.”
ENDS
About Wolf Minerals
Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals company. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals is developing the third largest global tungsten resource at its Hemerdon project, located in the South West of England (see Project location map). The Company has strong cornerstone investors and project finance and environmental permitting in place. Wolf has also secured all major contracts for the project, with GR Engineering appointed the EPC contractor and CA Blackwell being awarded the Mining contract. Production is expected to commence in mid-2015, and the project will produce approximately 3,500 tonnes of tungsten in concentrate and 450 tonnes of tin in concentrate per annum. Offtake contracts are also in place.
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Hemerdon project location map
For further information please contact:
Russell Clark Managing Director Wolf Minerals Email: [email protected]
James Moses Media & Investor Relations Ph: +61 (0) 420 991 574 Email: [email protected]
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