New strategic metal producer
”‹Wolf Minerals’ (Wolf’s) new tungsten mine commenced production in September 2015. By the end of 2016 the mine should be one of the world’s most significant non-Chinese producers of this strategic metal. The Drakelands open pit mine, in Devon, is the first new metal mine in the UK for 45 years. Wolf has built the mine at a cost of £123 million, to produce 345,000 metric ton units (mtu) of WO3 per year for 12 years, based on current reserves and working five and a half days per week.
Wolfram is the raw material for tungsten production, which is mainly used in cemented carbides, for cutting tools used in the mining, oil and gas and manufacturing industries. Drakelands has brought new wolfram supply into the market at a time when Western processors are increasingly concerned about security of supply, given China’s dominance of the market. There are few other options outside China and doubt as to whether or not projects will come to fruition, as financing is scarce.
Wolf Minerals is engaged in tungsten and tin mining, conducted through its wholly owned subsidiary, Wolf Minerals (UK) Limited. Co. is focused on its main project, the Drakelands open pit mine at the Hemerdon tungsten and tin project in the U.K.
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