
Offtake agreements secure tungsten supply
IN efforts to support development of its major UK-based Hemerdon tungsten mine, Perth company Wolf Minerals has signed a non-binding heads of agreement for tungsten offtake and a loan facility with two companies. The offtake agreements, with Austrian company Wolfram Bergbau und Hutten (WBH) and US-based Global Tungsten and Powers (GTP), cover 80 per cent of the Hemerdon mine’s expected annual tungsten concentrate output for a minimum of five years. Hemerdon is expected to produce an average of 345,000 metric tonne units of tungsten trioxide in concentrate per annum, as well as 450t of tin, starting in 2015. In addition to the recently announced debt facility of £55 million, WBH and GTP will provide Wolf with a £20 million loan…