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W Resources PLC - tungsten, tin and gold mining and exploration company in Spain and Portugal - Suspends its shares from trading on the Alternative Investment Market. This follows the firm suspending its production at La Parilla mine in northwestern Spain due to parts shortages and cashflows uncertainty.
‘In light of the considerable uncertainty over the timing of cashflows from its borrowing facilities and elsewhere, the company has requested a suspension of its shares on AIM pending clarification of its financial position,’ W Resources says.
Meanwhile, high liquefied natural gas prices are placing ‘an excessive cost burden on the mine,’ the company says. LNG prices are up to seven times higher than the average monthly charges in 2021 and previous years, it explains.
Furthermore, the company says a new directorate by Spanish authorities is challenging its authorisations to operate. The London-based firm plans to appeal the directorate. ‘The company is confident of a successful outcome,’ it adds.
Current stock price: suspended
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