Construction Starts in July or Aug!! KwNews Corp.
kwnews.co.kr 6-7-2017
Below is a Google translated article with little touch up:
Construction of the Yeongwol Sangdong mine redevelopment project is expected to start in July and August at the latest, which is expected to revitalize the local economy.
Almonty Industries, a world-renowned mining development company, announced that it has secured more than 90 billion won(= $85 mil USD) in funding through a deal with European foreign banks to redevelop Sangdong mine on June 6.
In order to start production of tungsten in 2019, the company plans to demolish existing buildings, transfer roads, and construct factories this summer.
Almonty said it has tried 40 to 50 investors to raise funds in Korea, but foreign capital was inevitably needed because there was no financial institution to lend money to resource development such as mining development.
In July 2016, Almonti signed an investment agreement (LOC) with the Korea Development Bank for a redevelopment project in Sangdong tungsten mine, but it broke down in January.
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I read they did not agree in some pre-conditions for 50 billion won(= $46 mil USD) loan with KDB in other article. New investors visited in last Apr.