Tung­sten boost

The Weekend Post - - Business -

VI­TAL Met­als has raised about $2 mil­lion to help push ahead with its Wa­ter­shed tung­sten pro­ject at Mt Car­bine, 115km north-west of Cairns. Vi­tal man­ag­ing di­rec­tor Mark Strizek said the cap­i­tal rais­ing would “help im­prove on the good work al­ready com­pleted on Wa­ter­shed”. He said the planned work in­cluded a resource up­date, re­fine­ment of the met­al­lur­gi­cal test work and up­date of op­er­at­ing and cap­i­tal costs. “The tung­sten price has moved rapidly from about $US196/mtu ear­lier this year to $US335/mtu.” He said the rea­son was China pro­duced up to 80 per cent of tung­sten but had closed a few mines for en­vi­ron­men­tal rea­sons.

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