RE:Financing Update to WresBoth Ormonde and W Resources are in trouble because they ran out of cash during the crucial phase of commissioning/production ramp up. It's not known how much tungsten they are producing yet but with the continued depressed tungsten price, survival will be tough to accomplish. If they do survive through continued refinancing and new placements, their profits for the next 3 to 5 years will go to paying down their excess loans to normal levels.
Both companies are showing how important it is to have systems in place from the very beginning to produce high grade product. Almonty seems to be doing things right with purchasing the pilot plant production technology from KIGAM and completing two locked tests to help desing the new production equipment. Almonty needs, project financing and the price of tungsten to rise and they will be a monster in tungsten mining.