London Stock Exchange welcomes Tungsten West to AIM

Tungsten West Plc (“Tungsten West” or “the Company”) is a UK based company focussed on recommencing production at the Hemerdon tungsten and tin mine (“Hemerdon” or the “Project”) in Devon, England.

The Hemerdon mine is the world’s third largest Tungsten resource, had over £170m spent on it via the previous operator and has a mine life of 18.5 years. The Company is focused on rebuilding and restarting the mine to supply two critically important strategic minerals in tungsten and tin to the Western Hemisphere. In addition to the production of these mineral concentrates, Tungsten West will produce aggregates as a by-product of the new processing route to be installed at site.

Today the Company commences its first day of trading on  AIM with a market capitalisation of approximately £106.2 million following a £39 million fundraise at an Offer price of £0.60 pence per share. Proceeds of the Offer, together with a £36 million project financing facility from Orion Resource Partners will be used to execute the planned capital expenditure of £44.6 million for the process plant rebuild and refurbishment, enabling the Company to bring the Hemerdon mine back into commercial production by the end of 2022.

Quick facts

Track
Market: AIM
Instrument market cap (£m)
117.91
Listing/Admission to trading
21 Oct 2021

Max Denning, CEO of Tungsten West, commented:

“We are delighted to announce Tungsten West’s first day of trading on London Stock Exchange’s AIM. We look forward to updating the market, including our new investors and stakeholders, on the Company’s progress in restarting the Hemerdon mine, as we progress into the next stages of development well funded and with significant infrastructure already in place.”

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