Australian tungsten producer Wolf Minerals says its British unit has stopped trading

By Reuters / October 11, 2018 / www.mining.com / Article Link

MELBOURNE/LONDON, Oct 11 (Reuters) - Australia-listed tungsten producer Wolf Minerals said on Thursday that it could not meet its short-term working capital needs after failing to reach a deal with its financial backers, and as a result its British unit would cease to trade.

The ASX-listed miner has appointed Australia-based Ferrier Hodgson as a voluntary administrator, it said in a filing on Thursday. The miner has been suspended from trading on the ASX since late September.

Wolf Minerals was at the vanguard of Britain's attempts to revive the nation's mining industry in 2014 when it re-opened its Drakelands Mine in Devon, a push that grew as the government sought to shore up local industries in the face of Brexit.

Tungsten which has the highest melting point of any metal, is used in alloys for steel. Centuries-old mines in southwestern England had been abandoned in the 1990s when a collapse in metal prices made them unviable.

In Britain, concerns are mounting about funding for the mining sector as institutional investors shy away from risk.

One of the favoured stocks, Randgold, will disappear from the London market following its merger with Barrick .

(Reporting by Melanie Burton; Additional reporting by Barbara Lewis; Editing by Joseph Radford)

Recent News

Gold stocks again reach new highs

September 22, 2025 / www.canadianminingreport.com

Silver outpaces major metals in recent months

September 22, 2025 / www.canadianminingreport.com

Another 'Bubble Check' for the gold sector

September 08, 2025 / www.canadianminingreport.com

Gold stocks continue to hit new highs

September 08, 2025 / www.canadianminingreport.com

Some mining stocks exposed to Burkina Faso take major hit

September 02, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok