StockMarketWire.com - Spain and Portugal focused tungsten miner W Resources posted a first-half loss following delays ramping up production at its La Parrilla project in Spain.

Pre-tax losses for the six months through June amounted to €1.74 million, compared to losses of €1.05 million year-on-year.

Revenue rose to €1.01 million, up from €0.29 million.

The company said production at La Parrilla was adversely impacted by Covid-19 lockdowns, and issues with the commissioning and ramp-up performance of jig and concentrator plants.

'The recent Covid-19 pandemic has meant that 2020 thus far has been a very challenging time for Spain and Portugal as it has for the rest of the world,' chairman Michael Masterman said.

'With the bulk of the operational plant improvements now completed at La Parrilla, we are starting to reap the benefits of the substantial improvements and production is building.'

'In order to mitigate against risk of further impacts on production as a result of this pandemic, W has in place the Atlas facility which provides additional funding to ensure the company has a strong buffer in these unprecedented times.'


At 9:17am: [LON:WRES] W Resources PLC share price was 0p at 0.13p



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