Tungsten Mining signs MoU for new investment
PERTH (miningweekly.com) – Western Australia-focused Tungsten Mining has signed a memorandum of understanding (MoU) with a Chinese investment group that would see a number of that company’s clients invest up to A$15-million in Tungsten Mining.
The investment would take place through a share subscription that would be undertaken in three tranches.
The first tranche would consist of some 12.5-million shares to raise A$2.5-million, by the end of September. The second tranche, which would have an equal number of shares, would be issued by the end of October.
The third tranche, which would consist of some 30.3-million shares, and would raise A$10-million, would be issued by May next year.
Tungsten Mining said on Monday that subject to the A$15-million raising, the MoU also provided for a definitive offtake agreement under which the investors would be entitled to acquire 50% of the Kilba project’s tungsten concentrate production, at a discount to the prevailing market price.
Tungsten MD Paul Berndt said that both the offtake and subscription agreement were subject to due diligence, as well as shareholder and regulatory approval.
“This backing will ensure that we can accelerate the definitive feasibility study of our Kilba project, and will firmly set the company on a trajectory towards developing its first tungsten mine,” Berndt said.
A recently completed scoping study into the Kilba project indicated that a 1.1-million-tonne-a-year operation could be developed for a capital investment of some A$56-million. The project, which would have an initial mine life of seven years, would deliver some 154 000 t/y of tungsten.
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