“We are delighted to commence trading on AIM, following an extremely successful IPO and fundraise,” said chief executive Max Denning. “Today marks a milestone for Tungsten West, as we move into the final stages of development of the Hemerdon mine and look ahead to restarting production.”
“The Hemerdon mine is the third-largest tungsten resource in the world and will be producing strategically important materials that are vital for the manufacturing of new technology, including those that will aid the UK in its net-zero goals. It is for this reason that the mine represents a hugely strategic project for the UK and the Western Hemisphere.”
Under its previous owners, the mine was operational between 2015 and 2018 before the project went into receivership. Tungsten West then bought the mine out of receivership in 2019 for GBP5.4mln.