Tungsten West's Hemerdon Mine Designated as Strategic Project by EU
Why we think this is neutral
This RNS announcement is a general update on Tungsten West's Hemerdon mine being designated as a Strategic Project under the EU's Critical Raw Materials Act. While this is positive news for the company, the announcement does not contain any specific financial or operational updates that would warrant a stronger sentiment score.
Key Points
- Hemerdon mine designated as a Strategic Project under the EU's Critical Raw Materials Act
- Emphasizes the potential significance of Hemerdon to the EU's critical raw materials supply
- Tungsten West expects the designation to provide access to additional EU funding opportunities
Summary
Tungsten West PLC (LON:TUN) has announced that its Hemerdon tungsten and tin mine in Devon, UK has been selected by the European Commission as a Strategic Project under the EU's Critical Raw Materials Act. This designation highlights the potential importance of Hemerdon to the wider European market, particularly given the recent tightening of the tungsten supply. The company believes this will enable it to access additional funding opportunities within the EU as it continues discussions with EU-based sources.