Int'l Speculator says continue to hold Almonty
2022-03-14 20:20 ET - In the News
The International Speculator, in its Feb. 24, 2022, edition, says continue to hold Almonty Industries Inc. (recently 92 cents). The newsletter said buy on Feb. 24, 2021, at 76 cents. Assuming an investment of $1,000, the position is worth $1,199. The writer notes that on Feb. 7, Almonty announced that it had satisfied conditions to draw down a $75.1-million loan for construction of its Sangdong tungsten mine in South Korea. He says that this is a critical milestone for building the mine. With these funds in place, Almonty is on track to start tungsten production from Sangdong by the end of this year. It is perfect timing, he adds: The tungsten price has moved sharply higher lately, up 45 per cent over the last 12 months. The writer underlines that most of the world's tungsten supply comes from China, and Sangdong will be the largest tungsten mine outside of Chinese control. That will make it a sought-after supplier for the Western world and elsewhere.