Making headlines this week in tungsten was Wolf Minerals, which finalized a AU$192-million finance facility and secured an offtake agreement. With the tungsten market looking like it might be perking up, this news is a welcome step for the company.
China's State Reserve Bureau plans on a 10,000-tonne tungsten concentrate purchase.
Two tungsten projects in Vietnam are set to come online in the next few weeks.
A brief overview of tungsten price developments, supply and demand and significant market movers.
Mining Weekly reported that junior tungsten miner, Malaga, could potentially sell its Peruvian tungsten mine, the Pasto Bueno. The mine and mill were placed on care and maintenance in Q4 2012, raising concerns that the company could continue to operate from the project.
Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced updates on an extensive internal and external assessment of the Company and its subsidiaries, and the potential ability to advance its key Sangdong Tungsten Project.
Almonty Industries Inc. (TSXV:AII) filed its financial statements and management discussion & analysis (MD&A) for the three and six month periods ended March 31, 2013. Highlights include a reported revenue of $5,005 and a gross profit of $2,565.
Wolf Minerals Limited (ASX:WLF) signed the documentation for the £75 million project finance facility and the US$82 million funding package for the Hemerdon Tungsten Project in England.
Almonty Industries (TSXV:AII) CFO and Director, Dennis Logan spoke with the Investing News Network during PDAC 2013 in Toronto. Dennis speaks positively on the opportunities for growth and expansion of their European Tungsten projects. He comments " Spain is a great jurisdiction, lots of available labour force despite the physical problems in Europe."
North American Tungsten Corporation Ltd. (TSXV:NTC) Chairman and CEO, Stephen Leahy, spoke with the Investing News Network during PDAC in Toronto on being the largest tungsten mining company in production outside of China and how their Cantung Mine in the Northwest Territories produces 4% of the world's tungsten.
EMC Metals (TSX:EMC) CEO George Putnam spoke with the Investing News Network during PDAC in Toronto about their Springer Tungsten Mine in Nevada and Nyngan Scandium Project in Australia
Tungsten Mining NL (ASX:TGN) Managing Director Paul Berndt spoke with the Investing News Network at PDAC in Toronto on their advanced, high-grade project "Kilba" in Australia and what is next for Tungsten Mining.
There has been a large tungsten mine discovered in East China's Jiangxi province, ChinaDaily reported. The mine, said to hold more than 1 million tonnes of tungsten and associated copper.
Mining Weekly reported that ferrotungsten producer Hazelwood has commenced the hot commissioning of its Vietnam plant and its first production is expected within the next 7 days.
Mining Weekly reported that Hazelwood Resources was a step closer to starting its ferrotungsten production in its ATC project in Vietnam.
Reuters reported that prices for ferro-tungsten have fallen at lowest since 2010, and traders are blaming Europe’s ailing steel industry for it.