New kid on the block, tungsten on the rise and all this in devon....what devon ?.....yes : devon...by jove....!.

Wolf Minerals broker hustings in the Old Dart
Post Wed Jul 01, 2015 8:41 pm
We credit Wolf Minerals for doing what no one in Britain has managed for 45 years and we’re not talking about abolishing the monarchy.

Wolf was on the broker hustings in the Old Dart last night having last week commissioned its $250 million Hemerdon tungsten mine in Devon — a right royal effort in such a torrid market.

First customer deliveries of the strategic metal are due in the September quarter.

A well as being the first new metals mine in the Old Dart for more than four decades, Hemerdon becomes a source of new supply in the tight Chinese-dominated tungsten market.

A heavy, non-corrosive metal with a high melting point, tungsten has uses including steel alloys, drilling and the nuclear industry.

Tungsten has not been immune from the commodities pain. But at $US225-$US230 a tonne, Wolf claims a decent margin at an all-in production cost (including funding) of $US170 a tonne.

In the colonies, Carbine Tungsten hopes that Wolf’s achievement will boost investor sentiment towards its Mount Carbine project near Cairns.

Backed by $15m and an offtake agreement from Mitsubishi, Carbine has processed tailings at the mine, which operated in the 1980s.

Carbine chief Jim Morgan says the board is fielding funding offers from several US, Japanese and Chinese and is confident of a deal. The feasibility study estimated a $55m cost with an 18-month payback period, for a net present value of $160m.

The tungsten price has softened since then, but the Australian dollar has favourably risen and costs have fallen. On balance, we’ll assume the metrics haven’t changed.

“We believe the fundamentals of our project are the best of anyone’s.’’

Morgan admires what Wolf has done, but can’t help pointing out Wolf’s higher costs and more difficult locale (that is, it’s near civilisation and more disruptive).

Wolf contends Hemerdon is years ahead of any other new tungsten project. For nearby Plymouth, the mine — and the 200 jobs it creates — is the best thing since Captain Cook.

Wolf and Carbine pose the choice of an extant miner with a $330m market cap, or the up-and-comer valued at $38m.

Criterion last had Wolf and Carbine as spec buys two years ago, at 25c and 6c respectively.

Given we’re not about punishing success, we maintain the call. However, Wolf needs to overcome the bogy that the first owner of a mine tends not to be the one that makes the money.
timing40

Quarterly Activities Report

For the Three Months Ended 30 June 2015

Specialty metals company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to provide the following update on its recently developed Drakelands open pit mine ("Drakelands") constructed at the Company's world class Hemerdon tungsten and tin project ("the Project") in Devon, southwest England, for the three month period to 30 June 2015.

Highlights for the June 2015 quarter include:

ü No lost time incidents on site. 164 days injury free.

ü Construction completed with all key infrastructure including the processing plant, Mine Waste Facility (stage 1), laboratory, administration building, water dams and utilities ready for use.

ü Commissioning commenced on schedule, with first ore introduced to the plant in June 2015.

ü GR Engineering targeting to undertake final performance testing in August 2015 ahead of "hand over" to Wolf.

ü On track to deliver initial production to customers on schedule in September 2015.

ü Development expenditure of A$31.8 million for the quarter.

ü IS0 14001 certification for environmental management systems achieved.

ü General Manager, Business Development appointed.

more....

Publication of Updated Corporate Investor Presentation

Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to announce that an updated corporate presentation is now available for download from the Company's website, www.wolfminerals.com.au .

The Company also has two "live" cameras viewing the site. To view the live streaming at the project site please visit:

http://www.wolfminerals.com.au/irm/content/live-streaming-video.aspx?RID=326

Plagiarised :-

IC made Wolf one of their Tips of the Week today, taking a long term view. About the cost vs tungsten price they say:-

"Wolf estimates that total costs, including debt repayment, should amount to around $170 per tonne. Although tungsten prices have fallen by about 50 per cent since it started construction at Hemerdon to an average of $243 a tonne over the three months to 30 June, there's still a decent amount of headroom. It's also worth noting that Wolf Minerals' cost-per-tonne estimates were based on a 5.5-day working week - management is now looking at trimming unit costs by pursuing a 24/7 option."

IC Link

it's fine working 24/7 if there's a market for the extra produced

the chinese are great are churning out products where the market is already saturated, and of course that just makes matters worse

First Tungsten Concentrates Produced at Hemerdon Project

Highlights

· First tungsten concentrates have been produced to specification at Drakelands mine.

· Completion of commissioning of the processing plant at Drakelands mine is expected in September 2015.

260k buy this am.

www.wolfminerals.com

Chairman's Letter

Dear shareholder

It's with a great sense of achievement that I write to you in this Annual Report.

The 2015 financial year has been another transformational one for Wolf Minerals Limited ("Wolf" or "the Company") and your Board is very pleased with the progress made at Wolf's core project, the Hemerdon tungsten and tin project ("the Project") where construction has been completed on schedule and within the budget.

This is a significant achievement and management is congratulated on its efforts to produce this result, and to produce it safely whilst also working successfully with the critical aspects of environmental management and community engagement.

Commissioning of the processing plant is nearing completion, with successful tungsten concentrate production achieved. The subsequent throughput test is underway and the processing plant is expected to be transferred across to Wolf in September 2015. The processing plant will now be gradually ramped to full production, expected in early 2016.

Whilst the construction of the project has been the primary focus, the Company has also been exploring ways to increase shareholder value, with two initiatives in particular achieving this aim in the last year.

In late 2014, geotechnical drilling was undertaken around the perimeter of the open pit at Drakelands, to better understand the composition of the wall rocks, with a view to steepening the pit walls and accessing more ore. The work was successful and as a result a deeper pit, with steeper walls, has been designed and the ore reserves were increased by 9.5 million tonnes or 34% - a significant increase.

The second initiative considered the operating hours that the processing plant is permitted to work under the planning permission issued in the 1980's in which operating hours were restricted to 5 1/2 days per week. Management has worked closely with the Devon County Council and the local Parish Councils and reached agreement that a 6 month trial of 7 days per week operation be undertaken, with a view to continuing this if regulatory requirements, particularly concerning noise, are met.

A 7 days per week operation will result in a better environment to commission the processing plant, where continuous operations are preferable. A continuous operation also has the potential to lift production capability of the mine by around 25% - a very significant increase that would make Drakelands one of the biggest tungsten mines in the western world.

Like many commodity markets, the tungsten market has softened during the course of the last 12 months. Demand from some sectors and countries, such as the automotive industry in Europe and Japan, was steady. However the economic slowdown in China and fall in the oil price, resulted in a reduction in manufacturing and drilling activities globally and reducing the need for tungsten tools and drill bits. On the supply side, unlike some commodity markets such as coal, iron ore and oil, very limited new supply has entered the market in the last year and no substantial new supply, other than Wolf's production, is expected in the coming year.

The fundamentals for the tungsten market remain strong, with demand expected to consolidate and grow, and limited new supply coming to market. The Board remains confident that the tungsten market will strengthen and that Wolf will be well placed when it does, being potentially one of the biggest tungsten producers in the western world.

On behalf of the Board I thank our Managing Director, Russell Clark, and his senior management team Richard Lucas, Rupert McCracken and Jeff Harrison for their tireless efforts to make the Project a reality.

Official Opening of Hemerdon Tungsten and Tin Project

Highlights

· Over 200 guests including Australian High Commissioner to the UK, The Hon Alexander Downer AC, joined Wolf Minerals to celebrate the official opening of its Drakelands Mine at the Hemerdon tungsten and tin project, in Devon, by Her Majesty's Lord-Lieutenant of Devon - David Fursdon Esq.

· Drakelands Mine's arrival heralds a globally significant new source of tungsten and the first new metal mine in Great Britain for 45 years.

Commissioning Complete at Hemerdon Tungsten and Tin Project

Highlights

· Commissioning of the processing plant at Drakelands mine has been completed.

· Wolf now in full operational control of processing plant following handover from GR Engineering Services.

· First shipment of concentrate dispatched from Drakelands for delivery to customers.

more...

A small move up for the share price

Hmmmm - finnCap Buy 16.00 23.00 18.00 Retains

skinny

Where is this one going now , the share price i mean.

Quarterly Activities Report

For the Three Months Ended 30 September 2015


Specialty metals company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to provide the following update on its recently developed Drakelands open pit mine ("Drakelands") constructed at the Company's world class Hemerdon tungsten and tin project ("the Project") in Devon, southwest England, for the three month period to 30 September 2015.

Highlights for the September 2015 quarter include:

ü Commissioning of the processing plant at Drakelands completed.

ü Wolf now in full operational control of processing plant following handover from GR Engineering Services ("GRES").

ü First shipments of tungsten concentrate from Drakelands to customers in Europe and USA.

ü Successful official opening ceremony conducted with over 200 local and international guests.

ü Development expenditure of A$11.8 million for the quarter.

ü Release of 2015 Annual Report.

ü 213 days Lost Time Injury free days achieved.

Commenting on the September quarter performance, Wolf's Managing Director, Russell Clark said:

"The conclusion of commissioning activities in the September quarter, only 18 months after construction commenced, represents another major milestone in the development of Drakelands. With the inaugural shipments also taking place during this period, it was a successful quarter for Wolf."

"Drakelands is now under Wolf's operational control and operating seven days a week on a trial basis. The focus in the next quarter will be ramping up the plant towards full production and optimising plant performance."

"The Company has now realised its ambition of becoming a tungsten producer and we expect to provide a reliable, high quality supply of concentrate to our customers for many years into the future."

more....

Tungsten price to low for Wolf now , share price will be back down to 13p

Investor Conference Call


As previously announced Wolf Minerals will be holding a conference call to update analysts and investors today at 09:00 GMT.

To dial in via telephone please dial 0800 158 4198 (UK toll free) or +44 (0) 20 3036 4299 (if you are dialling from outside the UK). Telephone operators will ask participants to provide a password, which is Wolf Minerals.

If you are unable to listen to the live call, it will be archived for up to 7 days on Wolf Minerals' website. To access the replay function dial +44 (0) 20 8196 1998 followed by the Pin: 7091291#

Wolf Minerals' Managing Director, Russell Clark, will be hosting the call followed by a discussion of previously submitted questions.

https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=WLFE.L

Wolf Receives Waivers on Senior Debt Facilities

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to announce that it has received a waiver and consent letter (the "Letter") regarding the Company's senior debt finance facilities.
The Letter provides certain waivers of, and amendments to, the senior secured loan conditions for any non-compliance and to grant relief up to 31 March 2017 from financial and other covenants. The waivers, amendments and relief are effective immediately.
The Company announced on 29 January 2016 that it had executed a binding term sheet with Resource Capital Fund VI L.P. ("RCF VI") to provide a standby equity facility of up to £25 million (approximately A$51 million) (the "Facility") to strengthen the Company's balance sheet during the ramp-up of the processing plant at the Drakelands open pit mine. The Company has executed a standby subscription facility agreement for the Facility, which is subject to shareholder and FIRB approval.
The Facility is required to be approved for the Letter to remain effective. The relevant documentation and meeting information will be circulated as soon as practicable.

Publication of Interim Financial Statements


Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") wishes to advise that its Interim Financial Statements for the 6 months ending 31 December 2015 are available for download from the Company's website, www.wolfminerals.com.au .

Update of Funding Arrangements and Voluntary Suspension Request

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) provides the following update on the Company's funding arrangements to support the ramp up towards commercial production and design performance at the Drakelands open pit mine (Drakelands).

On 29 July 2016 as part of the Quarterly Activities Report, the Company announced that it is in breach of a loan covenant under the senior debt finance facilities, comprising a £70 million term loan facility and a £5 million bond facility, provided by a consortium of global mining financiers (the Lenders). The covenant relates to a minimum forward cash flow forecast requirement, which the Company is unable to meet without further support.

Subsequently, the Company has been in discussions with the Lenders and Resource Capital Fund VI L.P. in relation to the forecast cash flows and the Company's financial position. The discussions have been positive and have advanced to a negotiated draft non-binding term sheet for a funding solution involving a standstill and restructure of the senior debt facilities and additional funding support for working capital requirements. All parties are targeting completion of final binding agreements on or before 17 October.

After discussion with the Company's auditors (PKF Mack), the Wolf Board of Directors (the Board) believes that further progress is required to finalise the audit opinion on the financial statements for the year ended 30 June 2016.

Consequently, the Board has decided to defer the release of the Company's Annual Report and audited financial statements for the year ended 30 June 2016 until the funding solution is finalised. As the Annual Report was due for release on 30 September 2016 pursuant to ASX Listing Rules, the Company has requested a voluntary suspension from the ASX until such time as the Annual Report is completed.

Trading in the Company's Ordinary Shares on AIM will continue during this period.