Tungsten West plc (TUN · LSE)
Reopening Britain's Hardest Rock
Tungsten West owns the Hemerdon mine in Devon, one of the world's largest known tungsten deposits, and is working to restart production of a metal the UK and EU both classify as critical.
Bull case for Tungsten West plc
Owns one of the world's biggest tungsten deposits
Hemerdon ranks among the largest known tungsten resources, a scale rivals cannot easily replicate.
Western buyers want supply outside China
China dominates tungsten output, so European and US buyers are hunting for alternative sources.
Mine already built, not starting from scratch
Pit, plant and permits already exist, so refurbishment costs far less than new construction.
Bear case for Tungsten West plc
Needs substantial new funding to restart
Restarting the mine requires capital the company must raise, likely diluting existing shareholders.
The mine has failed commercially before
A previous owner spent heavily at Hemerdon and shut the operation within two years.
Tungsten price swings decide the economics
Revenue depends on a thinly traded metal price the company cannot influence or hedge easily.