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W Resources subsidiary receives €5.3M government grant for La Parrilla project

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W Resources subsidiary receives €5.3M government grant for La Parrilla project

W Resources Plc subsidiary Iberian Resources Spain SL was awarded a grant of about €5.3 million by the Junta de Extremadura Government for its La Parrilla tungsten-tin project in Spain.

The grant is conditional on fulfilling certain conditions by March 14, 2020.

The company will use the grant, in combination with the recently secured US$35 million loan facility to develop La Parrilla, it said March 28.

In February, W Resources signed agreements with Wolfram Bergbau und Hütten AG and a supplier to U.S. tungsten markets for the off-take of 80% of the planned tungsten concentrate output at the La Parrilla mine.