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. 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.Īlmonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.įurther information about Almonty’s activities may be found at and under Almonty’s profile at Legal Notice 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 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. 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 principal business of Toronto, Canada-based Almonty Industries Inc. I am immensely pleased that we decided at Almonty to secure and fix pricing last year on much of the equipment on order which has shielded us from more recent inflationary equipment price rises.” Our underground development is over 27% complete and is already 6 months ahead of schedule. We are currently approximately 15% through total construction of Sangdong and now, with drawdown of the KfW loan, the Company can accelerate construction towards commissioning which is on track for Q4 CY 2022. The timing of the drawdown could not come at a better time from a tungsten market perspective, with the tungsten price up 45% in the past 12 months to US$338 per MTU, at a time when we are experiencing increasing demand from sources outside of China, particularly in the South Korean and EU semiconductor and battery sectors. The quality of the lender and their ongoing support for our continued growth will be a decisive factor for Almonty’s continued success and will allow us to respond to the changing demand dynamics that we are now witnessing within the technology sector. I firmly believe this has been worth the effort and patience required by shareholders, with the KfW loan facility attracting very low interest rates, with an all-in cost expected to be approximately 2-3%. The completion of the loan for US$75.1 million from KfW means that the largest tungsten mine outside of China, with one of the highest grades in the world and located in South Korea, the largest per capita user of Tungsten globally, is now positioned to complete construction as intended. “This is a monumental occasion for Almonty and its shareholders, with the drawdown of the KfW US$75.1 million loan now imminent after approximately five years of hard work, due diligence and co-operation by all stakeholders. Almonty’s Chairman, President and CEO Lewis Black commented:
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