Wolf gives nod to UK tungsten project

UPDATE 1.25pm: Shares in Wolf Minerals rose after the company authorised contractor GR Engineering to begin construction of its Hemerdon tungsten and tin project in the southwest of England.

GR won a ₤75 million ($137 million) 24-month, fixed-term contract for the design, construction and commissioning of the 3mtpa tungsten and tin mineral processing plant and associated infrastructure in June last year.

Wolf Minerals managing director Russell Clark described it as an exciting time in the company's development and provided visible proof that the project would be built and that Wolf would be the next significant producer of tungsten concentrate globally.

First production is scheduled for mid-2015.

Wolf shares closed up 2.5 cents, or 5.88 per cent, at 45 cents while GR shares were steady at 54 cents.