Wolf Minerals wins European Deal of the Year for Hemerdon Tungsten-Tin Project
February 24, 2014 (Source: Wolf Minerals Limited) — Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf, the Company) is pleased to announce that it has been awarded the prestigious European Mining and Metals 2013 Deal of the Year for its funding package for the world class Hemerdon Tungsten and Tin Project.
Wolf has put in place a funding package totalling ~A$222.6 million for the development and construction of the Hemerdon Project, located in Devon in the south west of the UK.
The funding package comprises £75 million in Senior Project Finance Facilities from ING, Unicredit and CAT Financial, plus a US$75 million Bridge Finance Facility from the Company’s major shareholder, Resource Capital Funds.
The awards recognise outstanding achievement and best practice in the financing of infrastructure projects each year, and are sponsored by Project Finance Magazine.
Wolf’s nomination and success in winning the award is significant recognition for the Company and its successful fund raising endeavours, and the quality of the Hemerdon Project.
Wolf Minerals managing director Russell Clark said:
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“We are delighted to receive this award and are appreciative of the judging panel recognising the quality of the financing package that has been put in place to establish our Hemerdon tungsten project.
This will be the first new mine in the UK for 45 years, and will create 200 direct jobs and establish a new industry in the UK, which has all been made possible through the finance package and the strength and support of our shareholders. Congratulations to Unicredit, ING and Caterpillar Finance on this recognition of their success, as well as the various legal and technical consultants that assisted in making this possible.”
About Wolf Minerals
Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals company. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals is developing the third largest global tungsten resource at its Hemerdon project, located in the South West of England (see Project location map). The Company has strong cornerstone investors and project finance and environmental permitting in place. Wolf has also secured all major contracts for the project, with GR Engineering appointed the EPC contractor and CA Blackwell being awarded the Mining contract. Offtake contracts are also in place.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>