Almonty Industries Inc. Provides an Operational Update for Its Sangdong Tungsten and Moly Mines
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to provide an update of its progress at its South Korean site.
Underground mine development is poised to hit 25% completion of the 3748.1m currently under construction.
The Guest House next to the main office is now renovated and complete. It is currently occupied with members of our team and has capacity for up to 24 visiting personnel from our Panasqueira and Los Santos mines.
The road and river diversion is now complete bar the asphalting of the new road which will be laid shortly. Both are rated for a 100-year event.
Our Seoul office is now our main administration and Government liaison center and is now open and fully staffed.
The workforce on site now exceeds 50 people which is a landmark point. This will increase to 125 people as construction continues to accelerate.
The Company has now deployed nearly US$17m toward the project cost.
Almonty’s Chairman, President and CEO Lewis Black commented:
“We are on schedule and budget for a Q4 2022 commission. The price of Tungsten has risen over 50% in the last 12 months and continues to strengthen with ongoing shortages of spot material and increasing demand from the technology sector, especially in the global transition towards a greener energy future. We have now finalized the last outstanding condition precedent for the US$75.1m project financing and hope to update the market shortly when we have received the official notification from KfW-IPEX Bank.”
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.