Rafaella to Acquire Spanish Tin and Tungsten Project
Located close to deep-water ports, the Santa Comba project is permitted for both underground and open-pit mining. A recently discovered, large, near-surface resource on the property, amenable to open-pit mining, remains mostly undrilled. Significant infrastructure is in place, according to Rafaella Resources, including an underground access ramp and an existing processing plant, which is near completion.
GTT holds 15 granted mining licenses, valid until 2068. Galicia is top-tier mining jurisdiction and the region is wellknown for being rich in tungsten and tin. The Santa Comba underground mine produced significant quantities on tungsten and tin between 1980 and 1985, before becoming uneconomic due to low metal prices. The recent increase in the prices for these metals has sparked renewed interest in the region.
Rafaella Resources has secured an offtake and debt-financing agreement with a German-based consumer, H.C. Clark Tungsten GmbH, subject to the completion of a positive feasibility study.