Last year, we asked What happened last time DCC approved a major minerals application? We posted how DCC had approved a planning application from the Australian outfit Wolf Minerals to extend operations from 2021 to 2036 at its Drakelands Mine (an open pit tungsten mine just outside Plymouth, near the villages of Sparkwell and Hemerdon). We posted how the health impacts from "56 households and up to 103 individuals" from blasting and low frequency vibration were cast aside, after officers recommended approval talking about the reality of the situation:
The protection to be afforded to residents has to be balanced with the reality of the scale of this particular mining operation which is one of the largest mines in Western Europe.
We also posted how Wolf had submitted a new planning application for an explosives store, but that:
Looking beyond the health cost to local residents, it looks like Wolf Minerals could need more than a new explosives store to survive.
And indeed last week, as the share price of Wolf Minerals LSE:WLFE sank ever closer to zero, and the scar blighting Dartmoor looms ever larger, reality caught up with the company as it announced "a trading halt in its shares [on ASX] pending an announcement on its financing arrangements." In 2017, the company incurred a net loss after tax of A$74,536,641, or about £42m.
Earlier this month, Wolf had announced that fresh funds were required "to ensure that the company has sufficient working capital to meet its short-term requirements to continue as a going concern."
Residents, who have had to endure the "horrendous invasive unacceptable" impact of blasting and low frequency noise will no doubt be watching events closely – to see how much more money will be poured into this very big hole.
EDIT 30.7.18 Wolf Minerals today announced a "Senior Debt Deferral and Additional £4 Million Funding" which is:
EDIT 30.7.18 Wolf Minerals today announced a "Senior Debt Deferral and Additional £4 Million Funding" which is:
expected to be sufficient to support Wolf's short-term working capital requirements until 28 October 2018, during which time the Company will undertake a strategic review of its funding arrangements.
