Almonty Industries Inc. Provides Update for Its Sangdong Mine in South Korea
Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to provide an update for its wholly-owned Sangdong Mine located in South Korea.
The Company reports that it has received, from the South Korean government, an extension of its Extraction Rights permit to July 1, 2031. In addition, once the Company finalizes its US$75 million project financing with the KfW-IPEX bank, the extraction permit will automatically be extended to July 1, 2041 and, once production commences, this extraction permit can be extended to July 1, 2061.
The Company also reports that it has now finalized its contract with Metso, the plant equipment supplier for the build-out of its Sangdong Mine, for the long-lead-time equipment for the crushing circuit. Over the coming days, the orders for the long-lead-time items such as the crushing circuit, will be placed.
Finally, during October 2020, the Austrian Trade Ambassador, upon visiting the Sangdong Mine site which was widely reported in the Korean press, reported to OeKB (the Austrian export credit bank that is issuing the guarantee to KfW-IPEX Bank with the ECA cover) that all social and environmental matters pertaining to the Sangdong Mine have been well addressed by the Company.
Almonty’s Chairman, President and CEO Lewis Black commented:
“As we move forward to completing the US$75 million project financing with KfW-IPEX Bank, we are very pleased to announce that we have extended our Sangdong Mine Extraction Permit out to July 2031 with an automatic further extension available to July 2061 once production commences.”
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s SEDAR profile at www.sedar.com.