Hemerdon mine firm Wolf Minerals posts $2.5m loss

The Australian firm behind £130 million plans to re-start mining operations on the outskirts of Plymouth made a loss of $2.5 million in last six months of 2012.

It comes after an announcement yesterday that Wolf Minerals had awarded a £75 million design and build contract for the scheme's processing plant to fellow Australian firm GR Engineering.

The mine, at Hemerdon, is anticipated to come into production by the end of 2014 and will produce 5,000 tonnes of tungsten concentrate and 500 tonnes of tin annually over the following decade.

Last month, a New Zealand-based business TTI (NZ) Ltd bought a 19.9% interest in the company as part of a $20.3 million share placement exercise to raise funds to provide working capital to progress the scheme – specifically by buying homes near the site of the mine.