Tungsten West, the AIM-listed owner of the Hemerdon tungsten and tin mine near Plymouth, has told investors the project is "fully funded" and remains "on track and on budget" to restart production in the first quarter of next year.
Losses narrow as project progresses
In a stock market update, chief executive Jeff Court said the company had achieved "strong progress" towards full commissioning at the Devon site, which is one of the largest tungsten resources in the world. The update came as the company narrowed its losses to £7.9m for the year ending March 2026, down from £19m in the previous year.
The firm attributed the improved financial performance to key initiatives carried out during the period, including finalising a feasibility study and completing pre-operational readiness activities. Tungsten West, headquartered in Plympton, took ownership of the Hemerdon site in 2019 and has since spent years reconfiguring the processing layout and securing fresh environmental permits.
Government funding confirmed
The update follows confirmation that the government's National Wealth Fund will inject £71m into Tungsten West to support the reopening of the mine. The company focuses on the mining and extraction of metals including tungsten and tin.
Mr Court told investors that initial production was "already underway" at the mine, adding: "We have also achieved the significant milestone of first production from our restart project already in Q3 2026. The financial results reported for the previous financial year reflect the strategic pivot of the company to a development project and full-scale production early next year."
Commissioning timeline confirmed
Mr Court said the company remained "on-track and on budget for full commissioning in Q1 2027, most importantly, with no lost time injuries". He added: "We look forward to the progress towards full commissioning in Q1 2027 (calendar year). I would like to thank all our stakeholders for their continued support."
Tungsten West's annual general meeting will be held at the company's offices in Plympton at 1pm on September 29.
