Almonty Industries...from their website...
Again, not the direction we want to go in but if we have to....an interesting read...at least they seem to make their beat up projects extremely profitable. About Almonty Industries Almonty specializes in acquiring distressed and underperforming operations and assets in tungsten markets. These then benefit from the company’s in-house operating experience and unrivalled expertise. Highly regarded as a hands-on, turnaround investor-operator, Almonty is an expert at overseeing projects regarded as too complex or difficult for the average, pure ‘financial investor’. To date, the results of its acquisitions have been fast and very profitable turnarounds. The company has completed its second turnaround and gone on to purchase its next project. Los Santos Mine Almonty has completed its second optimization, at its Los Santos mine in northern Spain. Almonty acquired the project in September 2011 and has been focused on utilizing its expertise in order to improve operations, reduce costs and raise the tungsten recovery rate. This has been a very successful project, with the company enhancing the production profile of the milling operations and extending the mine life to more than nine years. In turn, Almonty has reduced cash operating costs by over 35% and significantly increased cash flow from operations. Panasqueira Mine Prior to acquiring Los Santos, in 2005, Almonty identified and acquired poorly managed tungsten mining and processing operations located in Panasqueira, Portugal. This was done through its control position in publicly traded, Toronto Venture Exchange company, Primary Metals Inc. (ticker-PMI). As with previous initiatives, Almonty refurbished operations, increased mine life and sold PMI in 2008 to the Japanese metals conglomerate Sojitz for a price of roughly 20x earnings, representing a thirty fold return on investment in three years. Wolfram Camp Mine Almonty completed the acquisition of the Wolfram Camp tungsten/molybdenum mine in September 2014 for $18 million. The company issued 12,209,302 common shares at an implied value of $0.86 per share and issued a $7.5 million convertible debenture with a 2.5-year term, 4% coupon and $1.45 strike price. Almonty believes that there is significant upside potential at the Wolfram Camp Mine and, by utilizing its expertise and knowledge gained from the turnaround of the Los Santos mine, that it will be able to optimize mining operations and tungsten concentrate production in a shorter time frame. The forecast is that once the optimization is complete, this mine will be producing similar levels of tungsten concentrate and cash flow as the company's Los Santos project. Valtreixal Project Following the optimization at Los Santos, Almonty purchased its next tungsten project – Valtreixal – located in northwestern Spain. The company intends to apply its tungsten expertise to make Valtreixal another Almonty success story. Watch this space for more exciting news! Almonty is pursuing other growth opportunities via acquisitions, where it can apply its knowledge and strength in depth to create additional value for all stakeholders. The company’s focus remains on past producing mines, operations that are on care and maintenance, tailings stockpiles and other situations where near-term production and positive cash flow can be achieved. Just trying to help ease the blow a little.