Tungsten West warns of insolvency risk in race to secure critical UK permits https://t.co/IR7Mfqs3l9
— FT Markets (@FTMarkets) September 14, 2023
Tungsten West’s market capitalisation has fallen from more than £120mn in April last year to less than £5mn. The shares were down 35 per cent following Thursday’s announcement to 2.44p.
Tungsten West last month applied to the Environment Agency, England’s environment watchdog, for the final permits that it needs for the processing plant. There had been concerns from local residents that the plant would generate nuisance, low-frequency noise. [Neil Gawthorpe, chief executive] said he was “confident” of securing the permits.
Provided the permits are secured, Tungsten West would need to raise £25mn of debt and £35mn to £40mn of equity to bring the mine back into production by 2025, according to Gawthorpe.
