These mines are located in the Councils of Covilhã and Fundão, District of Castelo Branco.

The first known documentation of these mines is in the City Hall of Covilhã, dating back to April 15th, 1886. This documentation recognizes Manuel Santos and Boaventura Borrel as discoverers of tungsten in Minas of Panasqueira.

It is also specified that in 1894, King Charles I of Bragança has granted the first license to them.

The industrial start of these mines, will only happen with the grant awarded and published in the Diário do Governo - Government Gazette on the 25th of November 1898, to the Sociedade de Minas de Volframio em Portugal -  Society of Volfram mines in Portugal, with headquarters in Lisbon, the owning company was Almeida, Silva Pinto & Comandita, that made Wolfram mines Exploitation in Covilhã and Fundão.

The first Englishman to become interested in Panasqueira was the Count Burnay. He had bought the company in Portugal and later leased it to a British firm, which, however, came disinterested in the business. Count Burnay continued the exploitation in 1904. Major industrial investments were made, namely the construction of the washing section of Cabeça do Pião and the opening of the first galleries. Later, this led to a significant increase of production.
With the evolution of the company, in 1911, the company Wolfram Mining and Smelting Company was formed, which had as its general manager, Frederick Cowper. The company purchased all the concessionary rights, together with buildings and equipment, occupying an area of 125 hectares of land.

Coinciding with World War I, mining operations have undergone some changes. In between, until the Second World War, there were small individual grants to people who worked on their own behalf, recovering small amounts of tungsten that were then sold to the company. They were called "Kilo".

In 1928, the company changed its name to Beralt Tin & Wolfram Limited, still having this name. There is a significant growth in the exploiting market, which led to new investments. Later, in 1934, these investments have come to be rewarded with the outbreak of the war of 1939-1945.

During this warfare period, the mines of Panasqueira, Barroca Grande (council of Covilha) and Cabeço do Pião (council of Fundão) have reached a very high important level, becoming one of the largest mines and creating an unprecedented activity.

They closed in 1944, by decree of the Portuguese Government. However, they were rapidly recovered, using more efficient methods of operation. A year later the price fell dramatically, but the demand for this ore comes back when the Korean War emerges.