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Hazelwood Resources has improved its financial footing and sharpened its focus on the ATC ferrotungsten operation in Vietnam by closing the sale of two Western Australian tungsten exploration properties to Tungsten Mining .
The deal first flagged in October has now been confirmed following a due diligence process and is expected to be settled this month.
Under the terms of the sale, Hazelwood will receive A$1 million in cash and 5 million Tungsten Mining shares.
The company intends to use the sale proceeds for ATC operations, including purchases of tungsten concentrate and working capital.
An amount of $500,000 is also earmarked for further reduction of a working capital debt facility signed last year with investment vehicle Siderian Resource Capital.
The sale – which offloads the Mulgine and Big Hill tungsten projects – will eliminate the company’s outgoings on tenement and exploration commitments.
This is in line with Hazelwood’s strategy of focusing on meeting increased production from the 60% owned ATC plant, where ongoing ferrotungsten production has recently attracted increased sales interest from Japanese buyers.
Significantly, this will result in a 30% increase in January sales.
In September, three Japanese buyers contracted to acquire Ferrotungsten from the plant at prices above spot prices on the European market.
The contracts are with major buyers of ferrotungsten in the Japanese market and the ferrotungsten contracts are for six monthly periods, with monthly call-offs, which are relatively common in the market.
Momentum on this front is interpreted as a reflection of the positive impact on Hazelwood’s business model following the appointment last year of Mark Warren as chairman.
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