UK tungsten project gets £55 million loan guarantee
The past-producing Hemerdon tungsten mine moved a step closer to re-opening after the project’s developer secured 55 million pounds in bank loans.
ASX-listed Wolf Minerals (WLF) (not to be confused with Woulfe Mining, which also has a tungsten project, in South Korea) has successfully sourced half the money needed to develop the mine in the southwest of England, reports the Ivybridge & South Brent Gazette.
The £55 million in loans were obtained from UniCredit Bank AG, ING Bank N.V., and Caterpillar Finance SARL.
The funds will be used to construct the mine, located 5 km from Plymouth, based on a feasibility study completed in May of last year, Wolf stated in a press release.
The rest of the money will be sourced from the sale of shares and from contracts purchased for the mine’s tungsten, according to the Gazette. Work has already started on a 650-metre stretch of road needed to put the mine back into production. Hemerdon contains the world’s fourth largest supply of tungsten, an extremely hard metal used mainly used in the manufacture of cemented carbides and light bulbs.
Photo of drilling on the Hemerdon property is by Wolf Minerals
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A loan guarantee is a contract responsibility between the govt, personal loan companies, and a client. A personal loan provider can be a bank or other professional mortgage organization. It means that the administration will cover the customer’s mortgage responsibility should the client standard on the mortgage.
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Loan Guarantee Program allows the Federal Government Govt to neck some of the economical threats of tasks that use new technological innovation that are not yet founded in the professional industry or in tasks where there is little or no personal economical commitment.