PLYMOUTH'S troubled tungsten mine is in danger of going bust within months after making a loss of nearly £14m in just half a year. In an update to investors Tungsten West Plc said there was a "material uncertainty" against its ability to remain a going concern.
The announcement to the Stock Exchange said it is in danger of running out of funds by the end of this month.
But even if current investors cough up £2.8m needed by the end of January, more cash will be needed by the end of June or the company will become insolvent.
Bosses at the Hemerdon mine, near Plympton, remain committed to reopening the facility, however, and said it is able to operate as a going concern for the foreseeable future, despite a loss of £13.9m between April and September.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Brits Harris and Jones go through
Fran Jones and Billy Harris advanced to the second round of Australian Open qualifying, but three more British players suffered defeats at Melbourne Park.
'Bionic Man' Ben goes under the knife
England Test captain Ben Stokes has dubbed himself \"Bionic Man\" after undergoing his latest hamstring operation. Stokes tore his left hamstring during England's final game of 2024 in New Zealand, requiring surgery and a three-month lay-off from competitive cricket.
England wing Feyi-Waboso ruled out of Six Nations
RUGBY UNION England wing Immanuel Feyi-Waboso will miss the entire Six Nations because of the dislocated shoulder sustained on club duty for Exeter last month.
Refurbishment is boost for furniture retailer
FAIRWAY'S AIM WAS TO CREATE A TRUE 'DESTINATION STORE'
ICC must 'deliver own rules' on England game
Downing Street has called on the International Cricket Council to \"deliver on their own rules\" as the England team resists pressure to boycott their forthcoming match against Afghanistan.
THE TOP FITNESS TRENDS OF 2025
STAYING ACTIVE IN THE NEW YEAR COULD BE A WHOLE LOT EASIER IF YOU GIVE ONE OF THESE EXERCISE REGIMES A GO.
Waterstones planning big UK expansion
JAMES Daunt, the chief executive of Waterstones, has revealed ambitions to expand the UK bookshop network with dozens more stores this year and is contemplating a potential flotation in either London or New York.
Iconic motorcycle brand Triumph hit by China downturn
TRIUMPH, the iconic motorcycle brand, has seen its profits stall due to an economic downturn in China and a drop in sterling's value.
Refurbishment is boost for furniture retailer
ONE of Plymouth's best-known family businesses has revealed its new look, following the \" £1.5 million refurbishment of its flagship store.
Farage insists he can win Musk over
NIGEL Farage has insisted he can rebuild his relationship with Elon Musk, after the billionaire called for him to be replaced as Reform UK's leader.
