Operations at the Hemerdon tungsten and tin mine in Devon in the United Kingdom could restart early next year, its executive team said, while expecting to go public in the second quarter of next year if prices stay as elevated as they are now.
Executive chairman Mark Thompson and chief executive officer Max Denning of Tungsten West Ltd (TWL) are looking to raise ?50 million ($69.4 million) over the next two to three months to restart Hemerdon in 2022, they said in an interview with Fastmarkets.
"For the whole of 2020 and this first quarter, we had been drafting a feasibility study, which is now complete," Denning said. "We are now going to market to raise the project finance to rebuild the mine and get it up and running."
"We then expect the restart of the mine to take about nine months, plus three months of commission, so we could be off to races by Q1/Q2 next year," he added.
The company expects the mine to come to full capacity by the end of 2022, with projected output of 3,800 tonnes per year of contained tungsten and 500 tpy of contained...