W Resources PLC EUR5.3m Grant Awarded for Development- La Parrilla (1622J)
March 28 2018 - 2:01AM
UK Regulatory
TIDMWRES
RNS Number : 1622J
W Resources PLC
28 March 2018
28 March 2018
W Resources Plc
("W" or the "Company")
EUR5.3m Grant Awarded for Development at La Parrilla
W Resources Plc (AIM:WRES), the tungsten, copper and gold
exploration and development company with assets in Spain and
Portugal, is delighted to announce that its 100% owned subsidiary,
Iberian Resources Spain SL ("IRS") has been awarded a grant of
EUR5,322,970 (the "Grant") by the Junta de Extremadura Government
for the La Parrilla tungsten and tin project located in Spain.
W has been formally awarded EUR5.3m of grant funds, which
equates to 32% (at the upper-end range) of the EUR16.6m plant and
facilities package that qualified for grant contribution.
The Grant will be paid by the Junta de Extremadura Government to
IRS once the fulfilment of all conditions (including the completion
of the plant and facilities and meeting the target employment
levels), as outlined in the application, have been verified in an
audit by the Junta de Extremadura Government. The conditions of the
Grant need to be fulfilled by 14 March 2020.
Michael Masterman, Chairman of W Resources commented: "We are
delighted to have reached this milestone of the award of a EUR5.3m
grant for La Parrilla from the Junta de Extremadura, which remains
a strong supporter of the La Parrilla mine development. We are very
honoured to have now concluded the process for this important
grant. The success of our application is testament to the
relationship and hard work from our Country Manager, Fernando de la
Fuente and Mining and Government Director, Celestino Parejo.
Fernando and Celestino are on the ground and have built great local
relationships, which further strengthen our exciting world class
low-cost La Parrilla tungsten and tin mine development.
"The provision of a grant for such a large proportion of our La
Parrilla mine development is very positive and contributes further
to our strong funding position. Importantly, the award of the grant
funds strongly align the Junta de Extremadura Government with the
success of the La Parrilla project and we are very appreciative of
their support."
The award of the Grant, combined with the recent US$35m loan
facility from Blackrock underpins the advancement of the Company,
in particular for the development of La Parrilla, which once fully
developed will be the largest tungsten mine in Europe.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Jen
T: +44 (0) 20 7193 7463 Clarke / Harrison Clarke
www.wresources.co.uk T: +44 (0) 20 7383 5100
Turner Pope Investments (TPI) Gable Communications
Ltd Justine James
Andy Thacker T: +44 (0) 20 7193 7463
T: +44 (0) 203 621 4120 M: +44 (0) 7525 324431
www.turnerpope.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFDLLLVXFZBBF
(END) Dow Jones Newswires
March 28, 2018 02:01 ET (06:01 GMT)
W Resources (LSE:WRES)
Historical Stock Chart
From Apr 2024 to May 2024
W Resources (LSE:WRES)
Historical Stock Chart
From May 2023 to May 2024