updates

Here are the intermediate results from the race to production by the wannabe tungsten producers:

Largo (LGO.V): It is unclear to me whether or not they have actually begun producing tungsten at Currais Novo (tailings re-treatment) or not. Back in July they said they had started but just recently they announced they were expecting to start by December 2011. It doesn't make sense to me. Resource 3,5Mt@0,12%, targeted production 50-100kMTU/a, depends on what documents you look at.

Deutsche Rohstoff AG (DR0.DE): Trial mining at Wolfram Camp is scheduled to begin right now with commercial production anticipated early 2012. Resource: 1,[email protected]%.

Woulfe (WOF.V) now targets Q1-2013 (was: late 2012) for production start at their Sangdong mine. A BFS report is expected by Jan. 2012 and a financing application during Q1-2012. Sangdong had been the largest tungsten mine in the world before it was closed in 1993. Resource 103Mt@0,35% (from historical drilling -> inferred), now partially upgraded to indicated category (6Mt@0,42%), more drilling under way for BFS. I would estimate their production at around 350.000MTU/a (at 1.2Mt/a).

Ormonde (ORM.L) also deferred production start, i.e.into Q2-2013 (was: late 2012, too). Resource 25,3Mt@0,27% and growing, BFS expected at the end of 2011. Targeted production: 110kMTU/a

Hazelwood (HAZ.AX) is targeting production start for their Big Hill mine in Q2-2013 which I deem unrealistic. Given their track record they should deem themselves lucky if they got on-line at some point during 2014. Reserve(!) 25Mt@0,11%, targeted production (PFS): 480.000MTU/a

Wolf (WLF.AX) is targeting production start for their Hemerdon Ball project in 2014 (according to the BFS the plant should start accepting first ore during Q4-2013). Targeted roduction: 345.000MTU/a

Also during 2014 several other companies want to start production. Among them are Geodex/Northcliff GXM.V(30%)/NCF.V(70%) who want to have their BFS ready by Q3-2012, VML(70%)/JOGMEC(30%) with a BFS by Q4-2012 and Adex Mining ADE.V who also want to make a decision by the end of 2012.

To sum it up, we have 3 smaller producers (Largo, Carbine, Dt. Rohstoff AG) which are ahead of the pack comprised of bigger "followers". Since even the first of the "followers" is more than 15 months away from production start, we can reasonably expect some of them to announce further hickups and delays along the way to the finish line. And by the time the first followers come in sight, Carbine should be busy kicking off Phase 2 production already. This is a great position to be in!