Join our daily newsletter At The Bell to receive exclusive market insights
- Rafaella Resources’ (RFR) Santa Comba Tungsten Project remains on track for first production later this year, with a new drilling campaign underway
- The drilling at the Spanish site aims to enhance the current resource for Santa Comba and also extend the mine life
- RFR released a pre-feasibility study for the project in December and since then has advanced site preparations and offtake discussion
- The Tasmanian Government has also offered support to a tungsten mine in the region, which RFR considers a sign of Australia’s willingness to disrupt China’s supply
- Rafaella’s shares have jumped up 8.7 per cent following’s Friday’s update, trading at 10 cents each
Rafaella Resources (RFR) has released an update on its Santa Comba Tungsten Project, stating it remains on track for first production later this year.
The company released a series of updates on the project today, including that a new drilling campaign at the site in Spain had gotten underway.
The materials stock said two drilling rigs had completed around 3500 metres to date of the 4500-metre program.
The overall aim of this campaign is to enhance the current resource for Santa Comba and also to extend the project’s planned mine life.
RFR also revealed in today’s update that its advanced site preparations and offtake discussions for Santa Comba are progressing well.
The company released a pre-feasibility study for the project in December last year, setting out the path to development.
Additionally, Rafaella has noted that more support has been given to other tungsten mine’s from Australian Governments, who want to disrupt China’s stake in the material.
The Tasmanian Government offered $10 million in support to the mine, which RFR Managing Director Steven Turner said was a pleasing development.
“The recently announced offer of financial support by the Tasmanian government
for the Dolphin tungsten mine is evidence of growing concern amongst western nations on the dependence of China for this critical material,” he said.
“Strategically located to supply Europe and North America, with mining concessions in place through to 2068, significant infrastructure already at site and underpinned by exceptional project economics, Santa Comba is well placed to be the next western producer of this critical metal,” he added.
Rafaella Resources’ shares have jumped up 8.7 per cent following’s Friday’s update, trading at 10 cents each at 11:35 am AEDT.
