TIDMWRES
RNS Number : 2442G
W Resources PLC
16 March 2020
16 March 2020
W Resources Plc
("W" or the "Company")
Ongoing Operations and Covid-19 Response
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces an update on
measures to protect the safety of its people and ongoing operations
in Spain and Portugal in response to the COVID-19 pandemic. Mining
and plant operations at La Parrilla and mining operations at Régua
continue with stringent procedures implemented to safeguard
personnel and ensure full compliance with the newly implemented
State of Emergency in both Spain and Portugal to combat the spread
of COVID-19.
Update on Spanish State of Emergency and Extremadura
On 14 March Spain's Prime Minister declared a national State of
Emergency. The key measures imposed by the Spanish Government
are:
- Circulation of persons and vehicles is restricted only to
certain uses linked to health, food, banking, refuelling, work, or
any force majeure.
- The Spanish Government can direct companies to produce goods
and require employees to attend work, if justified to protect the
health of the public.
- All recreational and sport centres are closed (including bars,
restaurants, cinemas, theatres and museums).
- Public transport services will be reduced by 50%.
- The availability of transport for goods will be guaranteed.
- Import of goods will continue.
- Energy and gas supplies will be guaranteed.
These measures are being put in place for a period of 15 days;
however this period can be extended with the approval of the
Spanish Parliament.
The Extremadura Region, where W Resources operates, is one of
the less affected areas in Spain. At present, there are some 100
reported cases of infection in the region. With no areas showing a
heavy concentration of cases save for a small village which is
subject to quarantine at present. The region's low population
density and the large distances between big cities has helped to
reduce the speed of transmission.
The confinement measures implemented in Spain since Sunday 15
March are strict and W Resources and its operations are in full
compliance with all such measures.
La Parrilla Ramp-up Operations Continue
The Company does not expect any direct impact from these
measures on its Spanish operations. Transport to work is allowed,
and supply of goods and energy is guaranteed. The main resources
required to continue operations are energy (explosives, fuel, gas)
and personnel. W should not expect disruption to energy supplies
and the Company is taking decisive steps to protect personnel.
No W Resources personnel or contractors have been diagnosed as
having contracted Coronavirus and the Company has stringent safety
and screening processes in place. To protect the safety of
personnel, continue operations and in order to comply with general
Spanish Government recommendations the Company has taken the
following actions over the last two weeks to:
1. Ensure that all personnel who can work from home do so,
minimising visits to La Parrilla site. Any person with a cold or
any symptoms is required under Spanish law and Company procedure to
self-isolate.
2. To the greatest extent possible, ensure shift separation
(usually 15-17 people per 7 day, 12 hour shift) to allow a degree
of isolation in the event that an employee on any given shift
contracts the virus.
3. Restrict any travel from outside Extremadura into La Parrilla, unless strictly necessary.
4. Restrict commercial or professional visits to La Parrilla to
those strictly required for the continuity of business.
5. Put in place all the measures needed to minimise or eliminate
contact between personnel or contractors that may lead to a
potential transmission of the virus.
Portugal
The Portuguese government has also declared a State of Emergency
and the specific provisions are expected to be outlined this week.
To date Portugal has had a low number of reported cases
(approximately 170), no reported deaths (World Health Organisation
latest report) and has taken strong preventative action.
Mining operations at Régua in Portugal have a small number of
geology and contract mining personnel in attendance. In Portugal,
the Company has taken steps to:
1. Ensure working at home for all personnel who can do so.
2. Limit travel from outside the area.
3. Continue modular plant engineering and procurement remotely
and suspend any plant construction activities until the situation
is resolved.
4. Evaluate suspension of adit mining operations in a safe and
orderly way.
5. Request (in light of the extraordinary circumstances) an
extension of the trial mine license period for a further 12-18
months. The Company expects this to be approved.
W's main priorities are its personnel and contractors. While
mining operations continue, we will continue to review the
situation throughout the week and follow advice from the Portuguese
Government, amending measures where necessary. Engineering and
procurement is continuing remotely.
Michael Masterman, Chairman of W, commented : "It is a very
challenging time for Spain and Portugal and the markets in general.
Our priority is the safety and health of our personnel and we have
worked hard at both our operational sites in La Parrilla and Régua
to implement strong and stringent procedures. Ramp-up operations
continue at La Parrilla and mining operations at Régua in
compliance with the new State of Emergency in both Spain and
Portugal. We continue a proactive review of steps to protect our
team and in a safe and sensible way continue operations. European
Tungsten APT prices are in line with budget at US$240/mtu while LME
Tin prices are 10% lower at US$16,000 per tonne in line with falls
in LME prices."
A full update on quarterly production for the March quarter will
be provided in April 2020.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / Zoe Alexander Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 207 186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
Alma PR
Justine James
M: +44 (0) 7525 324431
wres@almapr.co.uk
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END
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