Tungsten West's Hemerdon designated 'strategic' by EU

(Sharecast News) - Tungsten West announced on Thursday that its Hemerdon tungsten and tin mine in Devon had been designated a 'Strategic Project' under the European Union's Critical Raw Materials Act, positioning it for increased visibility and potential funding support within the bloc. The AIM-traded company said the European Commission's designation highlighted Hemerdon's potential role in strengthening the EU's critical raw materials supply chain, particularly amid tightening conditions in the global tungsten market.

It said the mine was one of the few tungsten sources outside China, making it strategically important for European industry.

Tungsten West said the designation would enhance its ability to engage with EU-based funding partners as it advanced plans to restart production at the site.

The company was currently seeking financing options, adding that it believed the Strategic Project status would unlock access to additional funding opportunities from European institutions and investors.

At 1155 BST, shares in Tungsten West were up 23% at 8p.

Reporting by Josh White for Sharecast.com.