Almonty Industries Inc (QX) (ALMTF) ニュース

You can say that based on the chart.
This is certainly not for day traders.
Good for mid term and long term.

4 year delayed financial ($750 USD) just got confirmed. You will witness one of few junior mining stocks turning into a major. It will double easily in a year when the mine construction is done and begins mining.

ha-ha-Not for day traders - Nor even long termers ?
Thanks tho for the update - It's helped me keep an eye on them
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=ca%3Aaii&x=21&y=14&time=100&startdate=12%2F1%2F1990&enddate=5%2F21%2F2023&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9

Finally. ??


ALMONTY ANNOUNCES RECEIPT OF THE FULLY EXECUTED UTILIZATION REQUEST FOR THE FIRST DRAWDOWN OF THE US$75.1M FACILITY Toronto – July 5, 2022 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has received from KfW-IPEX Bank the fully executed utilization request for the first drawdown of US$12,818,081 from the US$75.1M facility. The mortgage registration has now commenced in South Korea and, upon completion, the first drawdown funds will be sent to Almonty Korea Tungsten. Lewis Black, President and Chief Executive Officer of Almonty commented: “The World’s largest Tungsten mine is now fully funded and construction is well advanced. Our push for further growth in one of the most strategically important global sectors is also now fully underway. Ultimately, we will emerge as the only same source, transparent vertical Tungsten Oxide producer in the West and with our flagship project under construction, we will increase our output by over 300% with the opening of the Sangdong mine and a further 150% over that with our growth plan currently being pursued.”

What U need is Palladium - as well as some Tungsten




Positioned to go on a Lumber-type Up-Swing

There are major indications that the W (tungsten/wolfram) market is turning. Earlier this week, two junior antipodean W companies (Kings Island Scheelite and EQ Resources) got millions of dollarydoos each in private placements to advance their development projects. The W market is usually skittish about investment, precisely because it is so opaque. China is the largest producer of W (82%) and Vietnam (9%) is directly within their sphere of control. This means China has oligopolistic control of the market. They can flood or restrict supply as it suits their economic/geopolitical goals. But tungsten, like all metals, is one of those things we need to live our decadent western lifestyles.

Enter $AII. A massive pipeline of production and development projects. Recently got financing to restart the Sangdong mine in South Korea. One of the largest deposits and highest grades outside of China. 43-101 economics does not include the inferred resource. If even a fraction of the inferred moves into M&I, it is a multidecade monster. They have a producing mine in Portugal and two more Spanish projects each with a Sn byproduct.

Management?
CEO Lewis Black has 15 years experience in Tungsten and owns something ridiculous (19.5%?). Because the Portuguese W mine is over 100 years old, the company has fourth-generation W miners, geos, engineers on staff. This gives the company an unparalleled understanding of the metal.

Financials?
Positive FCF within a few years, especially if MTU WO3 cooperates. DYODD.

Immediate catalysts?
Cross-listing on South Korean exchange and ASX exchange in coming weeks where there is a greater appreciation for the economic importance of W.

What about if China floods the market?
Almonty has an off-take agreement with the Germans that includes a price floor. Asymmetric upside if South China Sea heats ups and/or China restricts export. We're currently working through a supply overhang created by a chinese company, Fanya. The financing of the Australian projects is a really bullish indicator that bulls believe the market is turning the corner.

What about the competition?
Check out Saloro, W Resources, King Island, EQ. Tungsten West is still private. There are a couple massive high-grade deposits on the border between Yukon/NWT but the last company went bankrupt on low prices and the federal and territorial governments wound up having to buy the mines. High opex was too high. There are a handful of explorers in Canada (HPY,PLY,XTM) but given the uncertainty surrounding Chinese supply, a lot of these smaller and/or lower grade projects will never see development until prices rise significantly higher for an extended period of time.

No one can ramp up supply as easily as Almonty. It already has off-take agreements in place which allow it to weather cycles. This substantially protects against downside risk.

Please do your own due diligence. I am nobody special.

After the delay of 2 years, the $75 USD deal was completed finally for this junior mine to become a mid-cap mining company.

Now I'm scratching my head why SP is not moving even after a month.
I like Tngsten and the company but stock really sucks.
Maybe a good opportun for short term or long term investments.
Not for day traders. lol

Toronto – December 07, 2020 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the execution of the Facility Agreement (loan agreement) and the Completion Agreement with KfW-IPEX Bank GmbH for the US$75.1 million project financing for its wholly-owned Sangdong Mine located in South Korea.

https://almonty.com/execution-of-project-financing-loan-agreements-sangdong/

With the monster news its needle hasn’t moved testing my patience. Not that I will do anything as I’ll hold till start of production and beyond.

Financial deal they have been working past years will be signed any day now.

Monster news out $almtf $750 million offtake 15 year agreement!!! 8x they market cap https://www.stockwatch.com/News/Item?bid=U-b20200210005071-U%3aALMTF-20200210&symbol=ALMTF®ion=U

Two weeks after the PR of Binding Commitment we are still sitting at $0.6 CAD or $0.45 USD.
No interest outside of the insiders and current investors. : (
But I know our time is around the corner.

NEWS is out. Financing is done.

Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has received a Binding Commitment Letter for US$76,000,000 from KfW IPEX-Bank GmbH ("the "Bank"), the Lender, for the proposed project financing for the development and operation of Almonty's Sangdong Mine in South Korea.

The general terms of the binding commitment approved by the credit committee of KfW IPEX-Bank GmbH include:

The principal amount of senior project finance loan to be US$76 million; Interest rate:Three month LIBOR plus 2.5% and borrower expects this to reduce on issuance of the ECA cover. Term of 6.25 years with an initial principal repayment holiday during construction and quarterly instalment repayments of principal commencing after the second anniversary of the initial drawdown; and Oesterreichische Kontrollbank AG ("OeKB"), is committed to providing a Import Credit Scheme cover guarantee based on the previously announced long term offtake agreement.

Lewis Black, Chief Executive Officer of Almonty, commented, "As the largest shareholder in Almonty, I am extremely pleased to finalize a financing package for the development of Sangdong. With this announcement our 100% owned Sangdong project will now be built. This project will reclaim its title as the world's largest Tungsten mine and will be a showcase of South Korea's 21st century technology involving some of the largest Korean companies and government organizations such as POSCO, KIGAM (Korea Institute of Geoscience & Mineral Resource), MIRECO (Mine Reclamation Corp), KORES (Korea Resource Corp), KEPCO (Korea Electric Power Corp) and KT (Korea Telecom) to name but a few.

The project meets the demands of the 21st century in the sustainable approach that has been taken and will be a carbon neutral operation benefiting from renewable energy provided by KEPCO. The project also conforms to equator principles which is used by financial institutions to assess a project for environmental and social risk. Full advantage will be taken to benefit from the extraordinary digital infrastructure that exists in South Korea and the project will be used to promote the Health and Safety standards of Korea which are amongst the highest in the world. The project will now be in a condition to meet the 21st century demands of its customer base to provide a transparent, environmentally and socially compliant, carbon neutral and a stable supply chain based in one of the top developed countries in the world. The support of the local community and local and regional Government in Korea, GTP and the Plansee Group, KfW IPEX-Bank GmbH and OeKB has been integral in reaching this point."

No explanations. The German bank made site visits on all Almonty mines in Spain, Portugal and Korea last Nov, Dec 2019.
Almonty announced private placement to pay the closing costs of loan recently.
So hopefully real soooooooooon.

Crazy..any reason given?~

Sangdong mine financing is delayed a year.
But really sooooooon.

I'm ready..~

Are you ready? Big financing news coming any time now.

http://almonty.com/

Company Video uploaded on 3/7/2019


https://stockhouse.com/companies/bullboard?symbol=t.aii

Sure. I suppose you're an avid trader.

Good Luck!

I trade on the Canadian side..last time it hit the nineties I was gone..have been accumulating the pullback..there's a lot to learn in trading~

What trading? There hasn’t been much trading going on. Were they all yours? lol
It’s strange that nobody knows Almonty nor has interest in it.

I’m excited to witness a junior mining company is being transformed to a senior.

GLTY

Oh yeah..been trading it..but always have a core position..huge potential (ALMTF)~

Got some shares?
Financing news prolly come in Dec or early Jan according to a news on Oct 4.

Below is news on Nov 27

Almonty Announces the Commencement of the Mine Development
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has commenced the drift development at the Sangdong tungsten mine located in the Republic of Korea.

The development of approximately 4,000 meters of 4.5m x 4.5m transportation drifts, loading points, passing bays and cross cuts connecting to ore bodies is planned to be completed in 18 months and the targeted commencement of full scale mining is expected to occur in early 2020. Gangwon Mining Co., Ltd. is the contractor undertaking the work under the mine development contract executed on April 23, 2018.

All the permits for the mine development were previously obtained and the required registration of licensed personnel for health, safety, environment, explosive treatment, mechanical and electrical supervision has been completed.

The official ceremony for the first blast was held at the Sangdong mine site on September 26, 2018 with the attendance of relevant officials from the primary permit and supervision authorities including Yeongwol County Government and the Ministry of Trade, Industry & Energy. Promptly after the ceremony, the first blasting and subsequent development work began inside the Alfonse D portal.

Almonty’s Chairman, President and Chief Executive Officer Lewis Black said:

“The beginning of the mine development work is an important and meaningful step to Almonty for bringing one of the largest and lowest cost tungsten mines in the world back into production after 25 years since its closure in 1993. We are particularly pleased to have engaged Gangwon Mining, the most experienced and competitive mining contractor in Korea with no record of safety incidents over 20 years.

The official commencement of underground development work will also change the status of the Sangdong mine to an operating mine which will allow the mine to be eligible for diverse local governmental support and subsidies provided by the mining promotion institutions such as the Korea Resource Corporation (KORES) and the Mine Reclamation Corporation (MIRECO).

This will widen the spectrum of government subsidies significantly, expanding from the previously announced ongoing endowment for the pilot plant which the Korea Institute for Geoscience and Mineral Resources (KIGAM) has provided, with the target completion of the pilot plant expected by the end of December 2018.

The scheduled completion of drift development and mining of ore in intersecting areas together with the completion of the processing plant which is planned to be commissioned in Q2 2020 are expected to enable the Sangdong mine to start producing concentrate in the middle of 2020, regaining its reputation as one of the largest tungsten mines in the world.”


Read more at http://www.stockhouse.com/companies/bullboard#EK5i32g11Zr4Kqyl.99

Financial should be coming sooooooon.

Just stay there. Lol

I don't know what price chart you are looking at but Ferro Tungsten per kg. is currently around $31 per kilogram, when in 2014 Ferro Tungsten was $48 per kilogram.

So Tungsten is NOT at new highs currently , see below.

http://www.infomine.com/investment/metal-prices/ferro-tungsten/5-year/

ALMTF Huge potential~

And new tungsten high, Metals Pages just out $352 YES! Cash-flow baby!

This upward price trend of Tungsten should soon reach a point where Almonty will bring Wolfram Camp back online for production.
I recall this being mentioned in a past NR, somewhere after production halt for refurbish and upgrade.

Read more at http://www.stockhouse.com/companies/bullboard/v.aii/almonty-industries-inc?postid=28130396#b18STD6XYSHcQXsc.99

Almonty to begin trading on TSX June 1


2018-05-30 16:48 ET - News Release
Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. ANNOUNCES GRADUATION TO TSX

Almonty Industries Inc. has received final approval for the listing of the company's common shares on the Toronto Stock Exchange.

The common shares will commence trading on the TSX on June 1, 2018. Upon listing on the TSX, the common shares will continue to trade under the symbol AII. In conjunction with listing on the TSX, the common shares will be delisted from the TSX Venture Exchange upon the commencement of trading on June 1, 2018.

"Graduating to the TSX represents yet another important milestone for Almonty as we continue on our successful journey as the largest Western-based tungsten concentrate producer. Almonty's listing on the TSX Venture Exchange played an important role in the publicly recognized growth of the company and this new listing on the TSX will allow a broader range of investors to participate in the Almonty story. We now focus our attention toward the completion of the financing of our Sangdong project," said Lewis Black, chief executive officer of Almonty.

Almonty also announces that its normal course issuer bid commenced on Nov. 15, 2017, will terminate with the commencement of trading of its common shares on the TSX on June 1, 2018. As of May 30, 2018, the company has purchased for cancellation 597,000 common shares at a volume weighted average price of 48.9 cents per common share.

ALMTF..nice news - Almonty Announces Positive EBITDA for the Three Months Ended March 31st, 2018 of $7,604,000 from Mining Operations, More Than a 70% Increase in Revenue and a Net Income of $0.02 Per Share.
V.AII |

Almonty Announces Positive EBITDA for the Three Months Ended March 31 st , 2018 of $7,604,000 from Mining Operations, More Than a 70% Increase in Revenue and a Net Income of $0.02 Per Share.

Almonty Industries Inc. (TSX-V: AII):

The Company Also Announces the Filing of Its Unaudited Interim Condensed Consolidated Financial Statements and MD&A for the Three and Six Months Ended March 31 St , 2018

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of its unaudited interim condensed consolidated financial statements and management’s discussion & analysis for the three and six months ended March 31, 2018. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars.

The following financial information is for the three and six months ended March 31st, 2018 and 2017:


Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
$'000 $'000 $'000 $'000
Gross Revenue 17,302 10,175 28,069 17,235
Mine production costs 9,698 9,224 17,512 16,170
Inventory write-down - - - 548
Depreciation and amortization 2,073 1,553 4,345 2,494
Earnings (loss) from mining operations 5,531 (602) 6,212 (1,977)

General and administrative costs 1,786 2,529 3,768 4,227
Earnings (loss) before the under noted items 3,745 (3,131) 2,444 (6,204)

Interest expense 615 621 1,232 1,277
Foreign exchange (gain) loss 82 (253) 315 570
Tax provision (711) - (711) -
Net income (loss) for the period 3,759 (3,499) 1,608 (8,051)
Income (loss) per share basic $0.02 ($0.03) $0.01 ($0.07)
Income (loss) per share diluted $0.02 ($0.03) $0.01 ($0.07)
Dividends - - - -

Cash flows provided by (used in) operating activities 2,247 2,002 155 2,697
Cash flows provided by (used in) investing activities (2,077) (3,261) (3,434) (8,004)
Cash flows provided by (used in) financing activities 1,778 58 4,489 2,492

The following financial information is as at March 31st, 2018, and September 30th, 2017:


31-Mar-18 30-Sep-17
$'000 $'000
Cash 5,840 4,473
Restricted cash 1,316 1,300
Total assets 175,568 160,151
Bank indebtedness - 9,447
Long-term debt 55,511 44,659
Shareholders’ equity 55,524 45,625

Other

Outstanding shares (‘000) 181,805 169,752
Weighted average outstanding shares (‘000)
Basic 176,443 110,896
Fully diluted 176,443 110,896
Closing share price $0.495 $0.63

Lewis Black, Chief Executive Officer of Almonty, commented, “The Company’s income from mining operations recorded in Q2 of fiscal 2018 was $5,531,000, an increase of $4,850,000 over that recorded in Q1 of fiscal 2018. The EBITDA from mining operations jumped to $7,604,000 compared to $ 951,000 for the same period in fiscal 2017. We are also pleased to announce a positive net income of $ 3,759,000 or $0.02 per share for Q2. The Company’s results from mining operations has significantly improved as a consequence of our new fixed-price contracts and strong market contract prices whilst costs continued to decrease, reflecting the continued strengthening of tungsten demand and price globally. The current Tungsten price is continuing to strengthen and sits significantly above the Q2 price received. With the signing of our newly-negotiated Sangdong off-take agreement, announced on March 13, 2018, we are now ready to finalize our US$85 million project financing and have already commenced the build-out of our Sangdong Mine located in South Korea. We are poised to have a very strong 2018 in both performance and growth with Q3 estimated to surpass the current Q2 results. Our graduation to the TSX is on track as per our previous press release.”

About Almonty

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 refurbishment of its Wolfram Camp Mine in north Queensland, Australia, 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 Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is 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 profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate (“APT”) from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

image: http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180522005774r1&sid=mstr1&distro=nx&lang=en



Almonty
Lewis Black, +1 647 438-9766
Chairman, President and CEO
info@almonty.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20180522005774/en/

Tags:

Read more at http://www.stockhouse.com/news/press-releases/2018/05/22/almonty-announces-positive-ebitda-for-the-three-months-ended-march-31st-2018-of#l4LEizmhwv1lCajy.99

Financials out. Get ready to roll for the rest of year and into 2019.

Reopening Sangdong Tungsten mine in Korea.

$ALTMF .47 - Almonty Announces the Signing of the EPC Contract for the Sangdong Mine Development with POSCO E&C – WORK TO COMMENCE EFFECTIVE JANUARY 2ND, 2018 V.AII | ALTMF - December 28, 2017


Almonty Announces the Signing of the EPC Contract for the Sangdong Mine Development with POSCO E&C – WORK TO COMMENCE EFFECTIVE JANUARY 2 ND , 2018


Almonty Industries Inc. (TSX-V:AII) (“Almonty”) announces that it has signed an EPC (Engineering, Procurement and Construction) Contract with POSCO E&C for the development works at the Sangdong Tungsten and Molybdenum Mine located in the Republic of Korea.

The EPC Contract, entered into on December 28, 2017 with POSCO E&C, one of top tier general contractors in Korea and a subsidiary of the third largest steel mill in the world, is a turnkey based contract for the development and construction of primary facilities for processing tungsten ore mined out of the Sangdong Mine. Under the EPC Contract, POSCO E&C is responsible for not only engineering, civil & architectural, machinery & electrical works of processing plant and auxiliary facilities, but also commissioning of such facilities.

The EPC Contract has a net contract price of KRW40.3 billion (approx. US$37.3 million) and, including the value of primary equipment which will be erected and installed by POSCO E&C, the EPC price reaches KRW54.0 billion (approx. US$50.0 million) which accounts for 65% of the total capital expenditure budgeted for the Sangdong Project. The remaining 35% will be spent for the development of underground transportation galleries and accesses to tungsten veins, mine infrastructure, backfill plant, owner’s cost, and other expenses. The primary facilities of the processing plant will be built for 900,000 to 1.2 million tpa capacity while the initial years of operation targets 640,000 tpa.

The EPC Contract stipulates a construction period of 18 months and commissioning period of 6 months. Following general rules of EPC contracts, cost overrun and project delay will be the responsibility of the EPC Contractor.

Almonty’s Chairman, President and CEO Lewis Black said:

“The signing of the EPC Contract for Sangdong Mine redevelopment will be an important and meaningful step to Almonty for bringing what was historically one of the largest and lowest cost tungsten mines in the world back into production. We are particularly pleased to work with POSCO E&C which is a part of the prestigious POSCO Group. POSCO has been committed to the Sangdong Mine Project by offering a competitive contract price as the Project carries the historical implication of rebuilding its original mother company. POSCO was founded by Korea Tungsten (ex-Sangdong Mine) in 1968. Based on the current EPC and mine development contracts we believe that Sangdong will be in commercial production after ramp up latest Q3 2019. The production at Sangdong Mine will undoubtedly contribute to a much enhanced leadership of Almonty in the global tungsten space.”

About Almonty

The principal business of Almonty is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and 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 Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. The Panasqueira mine, which has been in production since 1896, is 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 northwestern Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.


Read more at http://www.stockhouse.com/news/press-releases/2017/12/28/almonty-announces-the-signing-of-the-epc-contract-for-the-sangdong-mine#6FidAXSWjjqjSwYu.99