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Almonty receives all permits for Korea tungsten mine

Monday, January 9, 2017 6:43
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Tungsten producer Almonty Industries Inc (CVE:AII) has been given the go-ahead to build its Sangdong mine in Gangwon Province, Korea, having received the final surface permit.

It means work can now begin, once financing is secured, on the processing plant and the road and river diversion.

It was the last permit required and the EPC (engineering, procurement and construction) contract is expected to be signed within the next four weeks.

Sangdong, historically one of the largest tungsten mines in the world, and one of the few outside China, was acquired in 2015 through the acquisition of a 100% interest in Woulfe Mining Corp.

Chairman and president of Almonty, Lewis Black said: “We continue to work with our banks and an industry participant on the final funding package for the build-out of Sangdong and will update the market once the agreements have been finalized. We are still anticipating a commission date of Q1 2018.”

Almonty today also said it had exercised its option on the Valtreixal tin/tungsten project in north western Spain and now owns 100%. It is currently in the permitting stage and the group expects to receive all necessary approvals in calendar 2017.

The firm also produces tungsten from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal.

“We anticipate that the Valtreixal Project will have a lower cost of production than that of our Los Santos Mine which already operates at a lower cost than any non-by-product western tungsten mine, enabling Almonty to benefit further from a recovering market demand for tungsten concentrate,” said Black.

Almonty shares closed on Friday up 1.79% at C$1.28.

Story by ProactiveInvestors


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