Almonty Announces the Acceptance by the Lending Bank of the Final Technical Due Diligence Report on the Sangdong Mine Development Project and the Commissioning of the Pilot Plant
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has obtained the clearance and acceptance by the Lending Bank (“KfW-IPEX Bank”) of the final technical due diligence report on the Sangdong Mine Development Project submitted by the Independent Engineer.
The final acceptance of the Independent Engineer’s report signifies the clearance of certain pending issues related to compliance with the Equator Principles and, therefore, the project is now moving forward to the next stage of financial closure.
Almonty has worked closely with the Independent Engineer in the past several months to ensure sustainable development outcomes and the integration of environmental, safety and social considerations into the project development procedures, meeting the stringent international standards and guidelines.
Almonty also announces the mechanical completion and the commencement of commissioning of the government-subsidized pilot plant at the site on the same day.
Almonty’s Chairman, President and CEO, Lewis Black said:
“The acceptance of the final due diligence report by KfW-IPEX Bank is truly a meaningful turning point for the Sangdong Mine Project. With the establishment of internationally recognized best business practices, one of the historically largest tungsten mines in the world will be developed to the highest standards in every aspect. The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in project financing.
We are particularly pleased that the project, after ceaseless efforts for betterment and the long period of preparation, is now moving to the actual development stage. We, at Almonty, will not spare any effort in expediting the upcoming process of loan documentation and financial closing requirements followed by the commencement of the 18-month construction phase.
The final acceptance of the due diligence report and consequent green light from the KfW-IPEX Bank coincided with the news of the mechanical completion and commencement of the pilot plant commissioning which will surely be of a great help in further enhancing the remarkable metallurgical process achievement developed with Geoscience and Mineral Resources (KIGAM) already secured, as previously announced.