tungsten

1 - 12 of 34
Sort by: popularity | newest
Page  2 3  of 3 | Next
Tungsten Corporation

Focus on delivery and growth

Update | Financials | 24 Jul 2017

Tungsten Corporation’s FY17 results confirm it is making good progress in implementing its more focused strategy and reengineering its internal processes to create greater operational leverage as demand for its e-invoicing and related services grows. The sale of Tungsten Bank last year and the start made on internal repair measures were key steps in improving the business and management can now focus on delivering profit and exploiting the attractive growth opportunities it is addressing.

Tungsten Corporation

Executive interview - Tungsten Corporation, CEO Richard Hurwitz

Edison TV: | Financials | 21 Jul 2017

In this interview CEO Richard Hurwitz and CFO David Williams discuss Tungsten’s operational and financial performance in the year to 30 April 2017. They also talk about the development of Tungsten in future, with further client engagement, helping buyers and suppliers to manage their accounts payable and receivable (AP and AR) better, plus internal efficiencies and a focus on technology and innovation.

Tungsten Corporation

Executive interview - Tungsten Corporation, CFO David Williams

Edison TV: | Financials | 21 Jul 2017

In this interview CEO Richard Hurwitz and CFO David Williams discuss Tungsten’s operational and financial performance in the year to 30 April 2017. They also talk about the development of Tungsten in future, with further client engagement, helping buyers and suppliers to manage their accounts payable and receivable (AP and AR) better, plus internal efficiencies and a focus on technology and innovation.

Gold Sector Report

Mining: Normalisation augers well for exploration

Outlook | Mining | 10 Nov 2016

Over the past two years, there has been a 67.4% recovery in the in-situ value of a global average resource ounce, from US$10.06/oz in August 2014 to US$16.84/oz currently, and a relative normalisation of the market regarding the average valuations of the three JORC resource categories. Assets remain cheap. Nevertheless, the financial return from drilling a 1Moz gold resource is now positive, on average, for the first time since August 2013 (although not necessarily for assets listed in Canada). By contrast, financial returns from both uranium and PGM exploration have deteriorated. In the meantime, exploration to delineate measured resources is likely to be a value-destructive exercise for a number of (typically) ‘bulk' commodities, although these tend to be minerals that also benefit from the market's discounting of future exploration success.

Tungsten Corporation

Focusing on growth and efficiency

Update | Financials | 19 Oct 2016

Tungsten Corporation remains in its investment phase as it builds out its e-invoicing and related services. However, a little over a year since the appointment of Rick Hurwitz as CEO, there are real signs of operational progress with price increases, greater focus underlined by the expected sale of Tungsten Bank, and reorganisation and technology investment to achieve efficiencies. This should help deliver operational gearing and a move into EBITDA profitability during CY17 as Tungsten capitalises on the growth potential in the e-invoicing and related markets.

Almonty Industries

Tough as tungsten

Outlook | Mining | 16 Aug 2016

Operating against persistently low tungsten prices, Almonty has continued to grow its business and has raised two-thirds of the capex required, as debt, for its flagship South Korean Sangdong project, with the remainder likely via equity-linked instruments. We consider development of Sangdong as key to the company managing its gearing levels and the current low tungsten price environment. Aside from growing its production capabilities, Almonty plans to take over Vietnamese ferro-tungsten producer ATC Alloys, thereby diversifying into downstream processing.

Almonty Industries

APT price rebound key, finances bolstered

Update | Mining | 11 Mar 2016

The present weakness in tungsten (APT) prices continues to be reflected in Almonty's financial results, against a backdrop of steady production, improving costs and corporate efforts to strengthen its balance sheet. Alongside its corporate activity, Almonty is progressing optimisation of its Wolfram Camp Mine (WCM) to bring costs in line with Los Santos's, as well as progressing development of its Sangdong asset (commissioning is expected in 2017). With APT prices at 10-year lows, it is clear a rebound in prices is the key for Almonty emerging as the pre-eminent global tungsten producer and maintaining itself as a going concern.

Tungsten Corporation

EBITDA breakeven forecast reiterated

Update | Financials | 24 Feb 2016

At its recent capital markets day (CMD), Tungsten reiterated its financial targets and presented some of the measures it is undertaking to achieve them. If the business develops as it expects, Tungsten believes its current cash resources should be enough to allow it to meet its targets, while the cash resources tied up in its bank give it leeway. Tungsten is renewing its invoice financing initiative with a new, experienced leader to start in April 2016, with a wide-ranging strategy for winning business. It remains convinced about the long-term profit potential of these businesses. Tungsten's shares have performed strongly since the start of the year and we estimate the market is applying a cost of equity of c 11% to its cash flows, down from c 24% when we initiated in January.

Tungsten Corporation

A new focus on e-invoicing

Initiation | Financials | 04 Jan 2016

Tungsten aims to transform its business in the next two years, to achieve EBITDA break-even on a run-rate basis by the end of FY17, from losses of £24.8m in FY15, by turning around its loss-making e-invoicing network business, selling its loss-making bank and reducing one-off costs in its other activities. In the key e-invoicing division it intends to reprice its services to the buyers on the network, increase the number of suppliers and re-engineer its processes to achieve the operational gearing potentially inherent in this activity. It believes that it now has sufficient funding to see the group through to break-even after raising £16.7m (net) in May 2015 and the proposed sale of its bank for c £30m. There is a great deal of uncertainty around forecasting, but if Tungsten can increase buyer prices and supplier numbers as intended and control costs, it could achieve EBITDA break-even by the end of FY17 on a run-rate basis.

Tungsten Corporation

A renewed focus on efficiency

QuickView | Financials | 28 Sep 2015

At Tungsten's AGM its new CEO, Richard Hurwitz, announced that he is undertaking a thorough review of Tungsten's operations to accelerate growth and improve on cost efficiency. Its strategic objectives remain unchanged and profit guidance given in July, to break-even in FY17, remains in place. Its ownership of Tungsten Bank remains under review. A more detailed review of the CEO's proposals will be presented when the interim results are announced in December 2015.

Almonty Industries

Robust Q315 results despite weaker APT

Update | Mining | 17 Sep 2015

Almonty reported solid Q315 financial results, with an adjusted EBITDA loss narrowing to C$0.9m compared to C$1.0m in Q215 and C$1.5m in Q115, against the backdrop of a falling APT price. The results were supported by the continuing strong performance from Los Santos, which benefited from improved plant recovery and higher processed grade. Having incorporated Sangdong, the reported results and updated tungsten price assumptions into our model, we revise our valuation of Almonty from C$1.00/share to C$1.26/share.

Almonty Industries

Woulfe transaction implications

Update | Mining | 31 Jul 2015

Following the recent transaction to acquire Woulfe Mining's equity and debt, Almonty has proposed a merger of the companies, which would give Woulfe shareholders c 40% share in the combined entity. Woulfe's main asset is the past-producing Sangdong tungsten project, which boasts low opex, capital intensity and a relatively short lead time. We have attempted a preliminary valuation of the project, estimating its NPV10 at C$0.7 per Almonty share on a funded and fully diluted basis, using a US$300/mtu APT price and assuming the IMC JV goes ahead.