Belgian-based trader Traxys Europe has signed a memorandum of understanding with Wolf Minerals to market tin and wolframite concentrates produced from the latter company’s Hemerdon Ball mine project in Devon, England. The deal coincides with a A$4 million capital raising by Wolf which has been subscribed to equally by Traxys SARL and the US-based Resource Capital Funds.
The funds will go towards the completion of a bankable feasibility study on the project. ASX-listed Wolf acquired the project in December 2007, stating that it expected to start up a large scale open pit mining operation within three years. Its latest release indicates a 2011 start-up. Initially projected annual production rates are 3,000 tpy of tungsten and 500 tpy of tin.
