THE company which runs Plymouth's huge tungsten mine desperately needs to raise cash to avoid going bust, after making a £10.33 million loss.
Tungsten West Plc has asked investors for £2m to get it through to the end of this year and is hopeful the funds will be available and it can proceed towards reopening the mine in 2026.
The Hemerdon tungsten and tin mine, at Plympton, is estimated to be the second largest tungsten resource in the world. Tungsten West bought the mine out of receivership for £2.8m in 2019, when previous owner Wolf Minerals went into liquidation, but since then the mining project has been struggling financially.
Tungsten West's newly published annual report and accounts for the year to the end of March 2024 show it made an adjusted loss of £10.33m - after making a loss of £11.5m in 2023.
Jobs were also lost and the company now has just 21 employees, shedding 60 workers since 2023. It also only had £400,000 in "very limited" cash reserves at the end of September 2024.
This story is from the October 17, 2024 edition of The Herald.
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 October 17, 2024 edition of The Herald.
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
DON'T BE SCARED!
WHITTAKER CALLS ON PILGRIMS TO RELISH TRIP TO LEEDS
Parkway battle back for first home league win
PLYMOUTH Parkway returned to league action on Tuesday night following their disappointing FA Trophy exit to Chichester City on Saturday when Wimborne Town were the visitors to Bolitho Park.
Wratten and Barraclough win clash of the veterans
IT was a battle of the veterans when Roger Wratten and Roy Barraclough played John Putman and Chris Shorter with combined ages of 315.
Marler row after call to axe haka
JOE Marler has called for the haka to be scrapped ahead of Saturday's clash with New Zealand as it emerged the veteran prop has left England camp for personal reasons.
The choice? Unity or division
AS America nears the climax of its 2024 election, voters are confronted with a choice between Donald Trump and Kamala Harris, a decision that goes far beyond policy.
Force to be reckoned with...
HOLBY STAR TURNS DETECTIVE AS SHE STEPS IN TO HELP STRUGGLING POLICE OFFICERS CRACK UNSOLVED CASES
Sunak blasts 'Budget of broken promises'
RISHI Sunak yesterday accused Rachel Reeves of delivering a Budget containing \"broken promise after broken promise\", adding: \"Working people will pay the price.\" The outgoing Conservative leader claimed the Chancellor has decided to \"let borrowing rip\" and tried to \"cover up that splurge by fiddling the fiscal rules\".
Reeves pledges to invest amid £40bn tax rises
CHANCELLOR Rachel Reeves yesterday set out a Budget which will increase taxes by £40 billion as she promised to \"fix the foundations\" of the economy and repair the public finances.
Fire starts at nuclear sub shipyard
RESIDENTS living next to a nuclear submarine shipyard saw thick smoke and bright flashes as a fire broke out in the early hours of the morning.
Flash floods kill dozens
AT least 63 people have died in eastern Spain after flash floods swept away cars, turned village streets into rivers and disrupted rail lines and major roads in the worst natural disaster to hit the nation in recent memory.
