I'm really surprise that this good news is not moving the sp more. I guess most penny stock holders are short sighted and are not long term investor like Buffet.
According to this press release, Woulfe Mining Corp. and its Korean subsidiary, Sangdong Mining Corporation have agreed to start a Korean joint venture with IMC International Metalworking Companies.
The JV involves IMC acquiring a 25 percent stake in Sangdong for CDN $35 million while Woulfe and IMC will establish a new Korean company which will be owned 45 percent by Woulfe and 55 percent by IMC. Under the agreement, Woulfe and IMC will provide capital of up to CDN $15.75 million and CDN$19.25 million, respectively. The funds will be used to build a tungsten processing plant. Apparently the JV may acquire from 90 to 100 percent of Sangdong’s tungsten concentrate output.
IMC International Metalworking Companies is 80 percent owned by Warren Buffett’s Berkshire Hathaway. The company has facilities in a number of countries including Israel, the United States, Korea, Brazil, China, Germany, India, Italy and Japan.