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Print[Ferro-Alloys.com]Woulfe Mining is continuing to look for a way to move forward with plans to restart the Sangdong Tungsten Project in South Korea. The company announced that an internal assessment by its board and interim CEO, Hubert Marleau, shows issues related to cash flow and the ability of the company and its subsidiaries to meet payables beyond the next few months. In a statement, the board said it recognized “the seriousness of these issues, including the potential ability to advance” Sangdong in the manner and timing anticipated in earlier corporate statements. Sangdong was supposed to restart in the fourth quarter of this year. Woulfe still is trying to complete the strategic alliance agreement with IMC International Metal Working Companies announced last year (Ryan’s Notes, Mar. 3, 2012, p3). Furthermore, the company is taking proactive measures by trying to preserve cash, reduce costs and enhance corporate efficiencies.
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